I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

I know property managers in every state who use non-refundable application fees and it is the standard for every class of property and applicant.

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

I may be wrong but you cannot refi unless the property is seasoned for 12 months when using Fannie, Freddie, Ginnie.

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

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

Now this Jan 1st another slew that pressed the bar of standards and requirements even higher. 

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

While leasing is the front door to maintaining a property’s occupancy, renewing tenants is the back door.

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?