You need the bank to recognize your increased value so you can unlock the equity...or you'll need to sell if the bank doesn't want to play ball.

I'm not an attorney and I don't play one on tv so this is not legal advice : )From my experience I would tell you family or not you will be entering into a contractual agreement so all ties to family should be seperate.The income and expenses you provide are a good starting point but I would need to see rent roll and details for all expenses last 3 yrs if applicable just to get the ball rolling.Your current situation definitely points to property management.Yes you should get an appraisal.Have an independent insurance quote done.Yes definitely put this in an LLC.  

It cash flows positively, I have strong credit and have previously managed rentals (single family) and currently own a duplex.Could you please share what the "closing" costs would be on this property- ball park - how are they calculated on a commercial property?   

Get the ball rolling at a local credit union and see what they say.

@Matt Buchalski Congrats on getting the ball rolling and best wishes in surpassing your new goals!!

ADDITIONALLY to this (this is the bonus ball) the developer has guaranteed 5 years rental income, weather they find tenants or not, i still get my $650/month rent cheque (-8% for management fees).  

We've thought about making some very low-ball offers that would give us minimal cashflow if they were to be accepted, but it's a hard choice, because cash flow is so much higher elsewhere.

That number is not even in the ball park.

I haven't seen the amendment yet, just happy to finally get the ball rolling.  

If you are aggressive, you can low ball and see where it goes.