Additionally, the management companies would take around 10% of the rent for their services.Given this, I’m exploring whether it would be a smart move to refinance when interest rates drop, and possibly form an LLC to transfer the property into.

If mortgage rates drop, you can refinance and improve performance.

We're lucky enough to have low rates and so we've got a buffer to drop prices. 

FHA loans taken out after 2013 with only 5% down cannot drop MIP for the life of the loan.

Great neighborhood, great school district, big house, rehab done very nicely (may be biased) working with a very reputable well known agent and it’s been sitting on market now for 40 days even with a price drop.

Dynamic prices drop the price last minute so if you are looking further out it will be even more.

I am not sure what your rate is but rates have dropped some since May or this year. 

Mortgage rates dropped in August but jumped a little in October.

You could possibly drop the mortgage insurance, but the difference in rate would most likely eat up those savings.  

I will refinance when the rates drop and recuperate some of my investment funds with better cash flow.