But you are able to replace, and they make you stick to replacing, not expanding or improving. 

I enjoy managing my properties and tend to fix or improve things before they break and that budget usually comes out of my reserves.

You can improve your list thus wasting less time and money.

@Ken Snay - If the numbers make sense, making up-front improvements and adding furniture/decor could help give you an edge in the market.

b) move my rentals into the LLC, refinance them to 30-yr terms (improving cashflow a bit) and at the same time cashing out a significant amount of equity, as capital to buy more propertiesc) Leave rentals alone on current payment terms (not in LLC), and just use saved cash, LOC's and Biz loans to get capital to buy rentals?

Maybe they thought if there is a crisis they want to keep their assets and not decrease current loan quality.As things improve you'll probably see them come back.I had heard very early on from one friend at Wells Fargo, that they had stopped doing them.Also many of the "special" programs have stopped...like Dr.

Would you try and split the improvement cost with the tenants? 

It was a value-add opportunity, with a plan to do some interior rehabs, raise rents, lower expenses, and improve management, but now we are not so sure about those opportunities...at least in the short term. 

Buy a property based on the existing cash flow, and make a bigger profit if you improve the cash flow.

If your guys handyman doesn't have a home improvement contractors license he's breaking the law.