We will pay this debt off at the sale of this house.  

If you have a HUD contract attached to the debt on the property and it's rent restricted, then you have no control over rent increases and in the long term as expenses increase you will be stuck with a negative cash flow situation.

If you have good credit and income and not a lot of other debts, the financing shouldn't be a problem.

New development once finished if you are all in at a 9 cap you can then either sell for a 6 cap or just hold the high cash flow with permanent debt and wait for the next cycle to sell.  

I have access to some financing, but am looking to be debt free by flipping houses in the next five to ten years.

I have good credit and no debt but I expect my personal income to drop soon (going back to school) which may make getting financing difficult.

The 50% rule is for all expenses excluding debt service.2.

They do protect your assets from debts of the LLC. 

I have an excellent credit rating and my debt to income is 28%.Should I refi now (before 2016) or wait another year? 

There is no extra debt and no interest payments.Live in the home and continue to enjoy its appreciation.