I think that option is suited for those who have a process established, willing to train the VA, willing to manger the VA, and don't want to hire a PM and have the properties managed PM's way. 

A bit costly to retro-fit back for habitational purpose, but essentially creating medical use which with yield much better cash flow.

You might also consider medical Schools.

If you just blindly establish a LLC, thinking it's serving a "purpose" because hearsay but it's actually not, then you are just throwing time and money down the drain for no reason. 

The two questions might be answered with one "Wait 6 months to establish the income from the lease and then do a cash out refinance as long as your cash flow from the property is still positive with the new mortgage payment."

Lots of opportunity ❤️  just put in an offer on a home for my out of state buyers looking to STR and possible mid term rental for medical out here in my neck of the woods.  

Find a reputable and established one. 

I would like to establish long term partnership. 

The norm is 6 months needed to establish a distance from the original sale and the appraisal that came with it.  

Save that for established relationships after you're more comfortable with everything.