With a cash out refinance, the extra equity built up in a property either through renovation or through rise of prices in the property market, is taken out by obtaining a new larger mortgage.

It’s just an extra layer of defenseMost people get tripped up on the LLC regarding maintaining/preserving its corporate veil which is really the whole point of the entity.

While he was looking at our shell he was already talking about putting the animal portion of the business on the opposite side of the property, so furthest from my space, and double insulating the walls, extra ventilation etc....he seems like the noise/smell is something he wants to try and eliminate as his first space didnt do that as well. 

In other words, is it a good idea to rent out the extra rooms in my house in order to help pay off my mortgage or is it better to invest in a duplex, triplex, etc.?

I’ve always assume the 70% was a safety margin, appraiser having a different opinion, being able to pull out some extra cash to have a profit, whatever...

So, now the 3 family pays both mortgages with some extra cash flow.

And am *likely comfortable waiting another year to buy so I can build up a down payment (and) extra savings.

I think the best way would be to get a loan on the property with minimal money down, hopefully leaving you with some extra.  

Is it a really big nice house that we spent quite a long time making extra nice.

Owner finance usually will not have PMI/MIP which is an extra fee on your monthly payment that is charged if you do less than 20% down.