Why hasn't your property manager already answered this question?

Would a cash out refi be under commercial terms since the property(s) are under LLC?

While it might feel like an extra charge to tenants, these packages often provide value that indirectly benefits the property owner as well—like reduced maintenance calls or ensuring the property is better protected.In my experience managing a large portfolio of properties, these fees are becoming more common due to the thin margins in property management.

The tenant wants to stay another 2 years.My other adult properties have often had long-term tenants.

Are they doing everything possible to expose properties to the broadest possible market?

Insurance right now is wild, so I'd get a solid broker on your team - I'd be happy to share my contact if that would help.Also, aren't most of the existing insurances shared on the OMs for the properties? 

I know a common practice (at least for syndications), is to create a separate LLC for the property and then raise capital once the deal is already under contract.

Is this property in TN?

If you decide to sell and find an investment property with a greater cash flow potential.A 1031 exchange would allow you to indefinitely all of the tax and use it to your advantage to reinvest into larger nicer property/properties.

So your capital gain when you sell this property will be calculate against your tax basis and not against your mortgage as many investors expect.