I agreed to not raise her rent for a year at lease renewal since she always pays on time and has been a tenant for over 4 years. 

Its a duplex one bed one bath on each side both renting under market value but rents can easily be raised to at least $1,100 or higher.

The process/product may vary by lender, but you would obviously need to go through the application process like any other mortgage and provide your income information.

There are products out there for 1 year self employed tax returns .

There are 30 year fixed products for investment properties under LLC's but the rates will be a bit higher. looking at around the 8%'s or at best mid 7%s 

My Daughter was raised there as well.

Currently our mortgage plus all taxes and fees equal to $1100 on this property so this is a very hot rental for us.My question is would it be wise to abandon a 118K loan at 3.5% interest rate and do a refi cash out at 4.65% for 300K and take that 182K and invest it into more properties or leave it as is.A 300K loan will raise our monthly expense from $1100 to $2200 on this house which is still well under what the property is producing in passive income. 

@Yannes Chiang Have you looked at Freddie Mac products? 

These personal finance websites do not directly mortgage products themselves. 

There may be additional requirements or products your agent can offer...I just tack on policies as I acquire properties.