He could get a preferred return for the use of capital.

Cody at the moment I'd prefer turn key and anything 2 units or above.

For the rest, it comes down to your preferences, but if it were me, I would cashout refi the duplex owned outright because debt is so cheap right now.

I think this would be based off of personal preference.

I would prefer to do it at closing to avoid the transfer tax associated with moving it into the LLC post closing 

Preferred rate is 7, supposed to be about 10-12 paid quarterly.

Unfortunately, these opinions are ubiquitous and facts/data are my preferred choice of input to make an educated guess on the direction of the market in the future. 

So now the question is yours to answer; Do you prefer A) a 75 year old triplex in an A+ area with a negative $2k monthly cash flow but anticipating appreciation or B) a brand new triplex in a C+ area with $750 positive cash flow.

And I would definitely prefer to BRRR.

Provided, however, AM radio, FM radio, and television towers and associated facilities may, in conformance with this subsection, be repaired and used as before, so long as tower dimensions are not increased, regardless of the degree of damage.