My current credit score is 650.

This is being very conservative, but you know, prepare for the worst right?

I keep hearing that I should keep my first loan on the books for 5 years...My question is; Will it matter (as to building credit) weather or not it’s the same loan?

We have good credit (by any standard) and a decent bank account (by college standards) but not enough to put down the standard 15-25% most HML and private lenders prefer.

My current credit score is 650. 

My thinking process right now is that I don't want to fork over all that money to this company (or another) to prepare these documents if there is not much need for it because they are kept internally and not even submitted to the state. 

1. most banks/ credit unions are telling me I have to wait a minimum of 6 months after closing before I can get a cash out refi..

You should do whatever refreshes your cash/credit pool the fastest so you can move on to the next deal.

With current LTV, the credit union says we have been approved for approx $48K.

If I have an LLC with 3 partners and we buy a $99,000 house, do we each get 33,000 on our credit?