We purchased another house and are finishing remodeling it and have about 20k left to spend to finish and move it (cabinets and countertops) and this will be our primary residence.  

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

I plan to purchase a new home which i may use as a rental once rates drop and though i dont know when that will be, it sounds like a nobrainer to save up for that instead of spending on mortgage insurance monthly and limiting potential future appreciation.Thoughts?

If so, how much should we consider, like do we need to calculate by their salaries by hour or how much day/hours spending so they will be deducted from the rent? 

I'll make the money back in a year on appreciation of the property.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

I am getting a hard money loan for the property under my LLC, but if I keep it I would like to refinance out of the HML into a 30 yr conventional load under my name.Can anyone give me a quick rundown how that would work?

Land Flipping is what I Love to do with my own money with New Construction SFR Homes. 

It's updated yearly and is the best $40 you'll spend as a Landlord.

Their idea of managing their investment is "not spending any money today".