That cost may reduce your monthly cash flow. 

You are eligible to reduce the gross rental income with expenses that you may have.If you want a property in an LLC - you may need to speak with an attorney/title company to transfer the title.

Thus the reasoning of refi to see if I can reduce interest rate down a point or more in this time.

I may consider reduced rents after May for a defined period of time, say 6 months, with the understanding that the balance will need to be repaid within the year after the 6 month period ends.

While fees would be paid by the tenants, I'm concerned that this is basis for a reduced term rental permit and impact my ability to renew permits. 

This will reduce your projected cash flow from the $750 value (your pro forma should always be based on more conservative numbers and only corrected as the numbers get more accurate). 

Most will just convert to a long term rental if/when possible and those that have enough in their emergency fund are going to let those others convert to LTR and help reduce supply and then hopefully benefit when the demand comes back. 

@Alex G.I'm surprised that they've pulled back for the time being rather than simply reducing their offers.

(*Thoughts: Private money seems to be dependent on knowing someone (which I don’t), Hard money seems more feasible, VA loan would require the home to be livable (which in turn may reduce much of the potential value add), conventional loan would require less stipulation than the VA loan, and personal credit cards (Not a bad option with 0% balance transfers and commitment to pay down.Complete the rehab in less than 6 months (I will work on the project when possible, but sticking to the shortest possible timeline is paramount).Rent out the units.Refinance it either with VA 100% LTV (Not sure if the lenders do a full 100% but that’s what Navy Fed is repping on the site) or Conventional 70-80% LTV.

Offer reduced rents for vacant units or older units not updated.