A promissory note is a promise to make payment(s) at a later date. 

So the question is, should I refinance it to pull equity, get rid of PMI, and transfer the title to myself or LLC later?

I'm looking to free up some cash for a small rehab and purchasing a rental property later on down the line. 

The property looks good & seems like a helluva deal if you could build a duplex later on.

My parents have no issue doing a quick claim deed although it might clog up timing on title work with the sale.Have a meeting with tax attorney later this week but wanted to see if any folks have had similar experience and can share success or horror stories.Thanks

Although I wanted to tap into the HELOC at a later time.

I was wondering if that is enough to secure a source to finance the project. from my understanding development financing usually comes in much later when a building permit has been secured from the city. 

@Jessica Es they have a set application, but you could use it as a pre-qualify and ask additional questions later.

The bank appraisal was completed and submitted same day(appraiser let me know) but still waiting around a week later.

I think about the house I bought in 2016, that I later house hacked.