@Janett McWilliams, I can say as a general rule that you will have better terms and more money to be accessed if you individually refi each property individually unless you have > 10 properties, usually >20. 

Speaking and shadowing that individual can help you avoid certain costly mistakes and better prepare you for your REI journey. 

Are they willing to pay you now for a background check and financial report?

You would have to work with the financial institution that holds the loan for the property to do so, but it can be done.   

If using private money from an individual, they should be able to provide you with a proof of funds letter from whatever account they have the money in.The agent you're using to submit the offer should know whether to check conventional or cash - I don't remember which one it is for hard money because I don't purchase from the MLS.

So we are super busy, but I am ready to get on the road to financial freedom!

@Brian Quigley  Typically if you are not looking for bank financing your progression would be private individuals then hard money.  

I know this appears risky and it is, but due to our financial and other investment situations, we do not want to incur the cost for getting a new mortgage under another name or the LLC.

@Deep PatelPath to financial freedom is found in building a portfolio of cash generating properties.

My goal is to build a substantial amount of passive income over the next 8 years in order to gain financial freedom.