I’m potentially looking to purchase a mid-term or long-term rental property in a different state because I feel I may be able to find better deals elsewhere.

How long it takes to be financially ready is different for everyone.

I have done a lot of these for my own portfolio, but am wondering if the tax implications are different if we do a cash out refinance for this partnership LLC and then have to "distribute" the funds to the members. 

If you are following the rules then everything should be OK.This is no different than a health inspector visiting a restaurant.

Just love to see how deals are viewed, as I have been told by partners and colleagues of different numbers pertaining to a deals MAO.Interested in picking your brain sometime whenever you are available. 

The main differences (besides rates/underwriting guidelines) is what you can include in your renovation costs.

Would you take a different approach?

My posts aren't specifically about Rent to Retirement, rather the concept more generally.I am also not concerned with the new construction turn key model, its very different than the lower tier/entry level SFH's and not relevant.

They do seem possibly open to seller financing the difference of $172K.

Hey John,I work with several different property managers, which I refer to for my clients (I'm an investor friendly agent over here).