I'm not in the US, but I know others here have talked about it.If you think the returns will be better AND you are approved to borrow that much money, then do it.  

@Matthew GonglikI’ve borrowed a lot from Crowdcopia in the past and they were great to work with

Since Ohio is a deficiency judgment state, I don't believe lenders would be willing to waive the right to obtain judgments against the borrower in the event a foreclosure sale doesn't cover the full amount owed. 

Why not just seek to borrow money from this person as a private mortgage secured by the real estate?

You can do that by borrowing privately from friends, family, and family of friends.

The LLC could be the borrower and execute the Note, but the individual owner would need to execute the security instrument... in this case it would be an Indemnity Deed of Trust (IDOT).

Not everyone can qualify for a conventional loan, and FHA loans are more lenient with borrower credit profiles.

I'll try to keep this short, my wife and I bought our first home(parent co-borrower since I'm self employed) in August 2020 in Dallas TX.

I’m going to refinance regardless to drop the PMI, but I was thinking I can also utilize the equity and keep around the same mortgage payment that I currently have after borrowing.

Lenders are going to look at your income, your assets, your debts, your credit history, the stability of your income, the amount you are looking to borrow, and the property to be secured with a mortgage.