I would not renew the existing tenant, but you don't want to do this going into the holidays/winter.

If they are good tenants and there are no changes to the existing agreement, a renewal is not necessary.

Given the hot Westchester real estate market, high taxes: VERY few move-in-ready properties, in less crime-ridden areas, exist. 

The capital interest participates immediately in some portion of the LLC’s existing value.

If they can't see it, they don't think it's exist). 

If I can't qualify for the loan on my own, I was thinking that I may be able to partner with someone, or maybe there is some way to use the existing equity in the property to reduce the down payment? 

In 2010, you would either have to pay off the balance of the loan, refinance with the existing lender, or refinance with a new lender. 

And from a "increase your cash situation" you could be the manager after sale, so you can not only profit on the sale, but retain cash flow from managing the STR as well.Many resort towns have agencies like this.  

You could give the tenants 2 or 3 color options that match the existing color scheme and let them make the final choice so they feel like they have a voice in the process. 

All new flooring or reuse existing.