Then you can advertise and get a lease lined up for when you move.Two considerations: 1) If you want to refinance and get out of your personal name the local bank will probably want to see some seasoning on the lease which you may not have on the side that you living since you are leasing and running.

I’ve received some not so good rates from the bank.

I know that for CoC the bank financing option is the better route but I'm wondering if there are other factors I should be considering when deciding which way to go.What would you do in this situation and why?

The property that I'm looking to finance will increase in value and taking in consideration of rent profit, I will re-fi out in 7yrs into a fixed 20yr commercial loan (with my small local relationship bank) and I will hold the property and pay off the note! 

My question is do I need to have a separate bank account for my LLC in New Jersey? 

As I've mentioned in a prior post, I've become unemployed in my industry of 17 years (banking - mostly in marketing analytics, market strategy and operations strategy - analyzing where to place new and close offices, etc based on market potential), and am considering a career change to maximize my future.

I don't know if the bank takes that option (line item) into account as the total insured amount.Anyone?

A smaller bank or credit union is typically more flexible, so I'd try calling several of them if that's what you need. 

We did our first two with 10% down no PMI through a local bank.

The bank may not allow this, im not sure.