Third, if you end not renting it out before the current tenant moves out, consider setting up a standard process for screening out tire-kickers and handling scheduling and viewing of the space remotely (if possible) out of respect for social distancing needs or at least with an eye to minimize contact with applicants (to protect both you/your PM and them).

In a partnership arrangement You can have a general partner and limited partner in some instances to minimize liability.

Minimal repairs needed, just paint, lighting, signage..

My main concern with refinancing is, I don't want to incur points penalties to minimize interest rates, because I don't plan on keeping it for another 3 years.Thoughts?

Buy a good property that needs minimal work that does cash flow.

As @Michael Plaks suggests the tax difference is minimal on going if it’s in an LLC or personal name, but if you live in  your primary residence for 2 years or more and sell it you can shelter $250k of capital gains when sold -thus saving taxes.

We are only working with flat ground sites with minimal offsite improvements (Road/water/storm/sewer).  

Odds are they can get a some assistance on their loan with zero to minimal long term penalties. 

A more balanced approach could see us through these dark times with minimized loss to society.

Large multifamily - primarily upper workforce housing in good locations if financed and operated right, is what will make it through to the other side with minimal devaluation no doubt.