I have over 40% equity based on loan amount of $200K and general market value of the property at $400K (unsure what assessed value would be).I'm thinking I'm a candidate for PMI removal.

He asked for a new tub to fix the issue?  

Or take a modest amount out and pay tax on it. 

(I've heard people tend to create LLC and utilize lines of credit to either fix property or furnish a STR/MTR for example)Are there any significant pulls either for or against creating an LLC?

I imagine "Loan Origination" and anything paid to the bank itself can be negotiated but I am being quoted different amounts and line items are labeled differently in each quote (e.g.

The mortgage was in the amount of $75K and the cash amount received was $64K.

I don't think I immediately need cash, and even I do cash out refinance and get some cash back, I dont' know if it makes sense to get a larger loan amount and higher monthly payments. 3. does amount of down payment matter if I end up doing/not doing cash out refinance?

Definitely can be overwhelming with the amount of info thrown at you.

Found a property listed on the MLS for a cheap amount.

Fix anything thats broke , give it a fresh coat of paint and rent it out .