This is just a guess, might help if you had the balance sheet numbers to see if and what extent this is financed by debt in addition to the General and Limited partner capital contributions.

One on a property in Colorado, another on a property in Washington.Colorado: 130M balance, 3.375%, LTV ~51%Washington: 262M balance, 3.875%, LTV ~60%Maximum Loan Limits in Snohomish & King Counties: $667MMy idea to leverage myself into a new primary residence is in 3 parts.Refinance the WA property to conventional financing to free up VA eligibility and back it up with a 95% equity line of credit from SDFCU.Draw a NOO equity line on the CO propertyUse both equity lines for a downpayment on a new primary residence financed with VA fundingMy question is, does it make sense to refinance the WA property for the benefit of VA eligibility on the new purchase? 

I can definitely already see that it is going to be a struggle to balance to two of these situations as I get deeper into this job. 

I can't see the reason to go else where to make 1% or 2% greater return.. you would eat that up in travel costs alone.But anyway.. in my mind we are getting to a balance market.. and your correct rents are not keeping up with costs.. so will be interesting to see how it all shakes out in the years to come.I remember when I started in the business if you put 20% down or 25% down and the tenant just paid off your house  forget about cash flow that was a huge win..and why not.. its a forced savings safe investment tax benefits.. etc.. then it became you have to make money on your down payment this is what created that run..Maybe we will step back in time and break even will be great..

However, seeing the business model, and profit share opportunity, just made the decision for me.BTW, I had my first deal in escrow within 3 weeks of being licensed with KW.If you need an introduction to the proper people, just let me know. 

So when you cash refi within the entity, you will have enough basis because of your refi loan to distribute the cash out of the entity without triggering tax if structured properly. 

But since one LLC is not the parent of the other (individual stand-alone entities),  we're not sure how to properly account for this transfer. 

I'm referring to the "Small Balance" Freddie Mac loans linked below:http://www.freddiemac.com/multifamily/product/pdf/small_balance_loan.pdfThey have a 9 month principle+interest liquidity requirement. 

This application covered most things - but I'm wondering if there's anything that was left out of if it's asking for too much information (i.e. credit card information / balances).

Solid info. provided by @Michael LeThe biggest impediment for most people is personal balance sheet.