I'd like to keep buying in this particular market, because I have a great deal going with my agent and they cash flow well.My question is, do I keep them paid off, and collect straight cashflow, with a lower ROI, or do I refinance, pull out the cash ($120,000 each), which is about 25-30% of the value. 

I would also suggest that your property manager collect one single check for their rent each month and that their security deposits are not split up. 

Rent some rooms out and collect that money!

You will need to create a business entity based on your collective goals and business structure. 

Don't get into full rehab, get a house that kinda make sense, doesn't have to be perfect deal, start collecting bids, making mistakes, learn and move on to next one. 

Most of the big companies will collect a monthly fee from you if your license is active.

The benefit is the ability to use my LLC for protection in a rental arbitrage scenario.So imho, using the LLC and bank account that I have already setup to collect and make payments in return for an established entity is pretty easy decision.

FOr rents, I would use a payment app, I haven't kept up with those for a time, last I knew was Paypal which my kids says is "so forever ago Dad" so i don't know what it is now, some collection of nearly unpronounceable syllables.

I can post a rental listing on the MLS for my self-managing clients and do showings, collect info, etc, but that's where it ends.  

Pick them up and store them and let the tenant collect them after paying you a fee for your time/trouble.