One is bought at a 6% cap with 4% debt. 

I would recommend you hire someone to help you with legal issues if you don't already have someone.

Some websites sell "certification" for support animals not issued by a doctor, BUT there are now websites with actual doctors selling service animal prescriptions, and legally we must accept them.

In terms of protection a property under an LLC with S corp option would most likely give you both the best legal protection as well a give you the best tax advantages, coupled with strong property insurance and possibly umbrella insurance.

I would say its tougher these days to find easy flips in the multifamily space, but if you are looking to buy/hold for rental income you can cash flow about $1000/mo (after debt service) on a $500,000 building (4-6 flat) in several areas.  

In most cases, you can have an addendum waiving such things (check with your attorney as I am not giving any legal advice). 

We have no debt, essentially perfect credit, and no other blemishes on our records.

Assuming a mortgage is not a Sub2.Sub2 or taking title subject-to refers to taking over legal title to the property subject to the current financing, encumbrances, liens, etc.If the prior owner is now a leasee, hopefully you structured that well and setup and fund a new tenancy as soon as title transfers over to you so that the rights and duties of both parties were clearly laid out.If they arent in a contract any more you can give them a notice to vacate and the proper time to leave depending the local tenant landlord laws in your area.

So even if it’s legal to use it as a termination fee, you still have to write a letter stating such.

Hey Brian, different lenders can be flexible but it all comes down to you debt to income ratio and how much rental $ they'll consider towards income (usually 70-75%).