Also wondering if I should throw this sucker into an LLC or take advantage of homestead benefits first of the year?

We figured going the multi-family route would give us the benefit of having tenants (and the rental income) without compromising on the privacy, as much.

Keep in mind that none provide $1=$1 benefit though.  

With business purpose rental lender, you can potentially do 3 to 4 projects in one year versus only one deal in a year depending on a conventional bank as your funding source.All these benefits create a higher risk to the lender, and therefore rates are slightly higher. 

Can anyone here speak from personal experience on the benefits or lack there of?  

In case people wonder why I would refi from a VA to a Conventional, we don't plan on staying in this home forever, so this way when we do move, my current primary will become a rental and through the one-time restoration of benefit my VA loan will be freed up to use on our next primary home letting us do 0 down and no pmi again...

Currently, we are a historic lows…keeping those low rates for 30 years turns the debt into a benefit. 

., the Bank gets the benefit of its increased value until you pay out the loan. 

It's such as easy way to pick up property and to begin reaping the benefits of REI.

I do see many in your situation who do end up selling once they learn the benefits and value they can offer their clients.