I purchased the property with an FHA loan at 5.25% rate but plan to refinance once rates drop (if they ever drop lol).

Hey guys,So I just finished rehabbing my first house and I intend to refinance it into a DSCR loan since I want to have the loan under an LLC.However my lender wants me to use a Property Manager when I would like to refinance.

I'm looking to use the VA home loan. 

Maye invest some money into improving the property to attract better tenants?

I talked to a mortgage loan officer and they say my best option is to cash out refinance, in order to pay back my family member.

Here is our first deal:- We each hold 50/50 of the property on the title (I contributed 80% of downpayment, and he was supposed to contribute 20% to the downpayment, and we got a hard money loan)- after we sold the property, I had to fill out the 539 form for withholding tax in CA.- The partner brought in a cash contributor for his portion (let's say A, who got 50% of my partner's profit, basically 25% of the profit) to the deal and put a lien on the property.

I haven't looked much into the DSCR loan type. 

I'm glad you two were able to connect.Although we have a pool of conventional and portfolio lenders, the challenge today is there are not a lot of "stated income" loan products.  

And or course, short term loan for HELOC and then refinance later.

For mortgage originators, real estate professionals and investors, the 4.65%-4.45% drop in the 2-Year Treasury should result in banks lowering Jumbo & Super Jumbo Mortgage interest rates next week Conforming and Government loan products are also seeing improved pricing.