Obviously, completely turn-key properties are the simplest form of passive income if performed correctly.

Looking to understand the easiest / simplest way to cash out refinance the property and use the capital to purchase our next property.Long story short...- Bought an investment property for $110k on a second home mortgage 10% down (mortgage and deed still in my personal name) 2.75% interest- Renovated property this Spring (with all expenses run through an LLC with two friends, we each have 33% ownership)- Property is cash flowing nicely on short term rentals (all revenue run through LLC)- Current Zestimate $200kI have not yet deeded the property into the LLC, as I know we want to potentially refinance next year to extract our equity and use it to purchase another one.

The simplest thing you could do would be to invest in syndications. 

Just to clarify, in the absolute simplest form, cap rate essential means % return on investment per year.

The simplest and most accurate answer is to be asking the PM.  

Most details on delayed are on sites like these: https://www.rocketmortgage.com...As you're just starting out, I'd recommend the simplest possible route to refinance.

Depreciation is normally an after tax calculation ingredient that will determine after tax cash flow and returns.

I’ll explore all three, and discuss the differences of each and how they apply when exploring real estate investments.CoC [Cash-on-Cash]Cash-on-Cash Return is the simplest way to evaluate the performance of a real estate investment.

Does a quit claim deed now signal any red flags or what is the simplest way to clean up the title work?

Ultimately I think this is a sound way to go and drafting a lease from the ground up seems like needless rework.The key things you want your lease to be are:  compliant with your local Landlord Tenant Act rules  Enforceable I'd go with the simplest solution to achieving that.