so you own the property in an LLC free and clear and you are wanting to refi cash out is this correct?

If the improvements you mentioned are correct, raise rents and extra parking, then it looks pretty decent to me.

The valuable part is the skill and network needed to find and execute a deal - find someone who has that and then ride the wave with them.Or, do it yourself. 

@Basit Siddiqi's advice is generally correct, but from a Canadian perspective:I've been working on an "Investment Chooser" calculator that takes into account current and future income tax rates.

Technically, other members please correct me if I'm wrong, the bank is able to pull the loan if it is switched to an LLC but in my lawyers 20+ years of experience he has never seen a bank search for this once the loan is originated.

Just wanting to make sure we are looking at everything correctly before we get out of due diligence.PP: $305,000Seller is contributing $9150 to our closing costs and we are putting 5% down.HOA is $500/year and taxes were roughly $2800 last year.HOA has no rent restrictions but does have a clause in their bylaws concerning household composition.

The folks who claim to have predicted correctly in the past generally are confusing luck with a prediction.

We spent about 20K getting advice on this and getting set up correctly, go to the best people you can find, you don't want cheap advice when your entire business is at stake.

@Patrick O'Shea, if you do the LLC correctly, you may be able to avoid anything but the recording fees. 

I admit, I'll misspell things in blog posts or emails and just keep typing because I don't want to take the time to go back and correct.