Analyze properties by looking at gross rental income, operating expenses, and the debt service coverage ratio (DSCR above 1.25 for rentals).

Is this gross or net?

Where are your scheduled gross rents and effective rents so far in the last T12 months so we can figure out offense and defensive strategies.These would be the questions we'd go through in planning your steps ahead.

@Philip Beckwith, I disagree with some who think this should only be attempted for larger gross errors and also that you need to hire a company to do it.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

@Jerry Zigounakis For your STR in Big Bear, forming a CA LLC is ideal for liability protection, even with the $800 annual franchise tax and possible gross receipts fees.

.: It doesn't sound all that bad to be honest Property manager fees sound similar - for reference mine is 1st months rent plus 10% of gross income per month.

I started investing a little over a year ago and have earned almost $160k gross so far with 3 Padsplits.Next year if I do nothing, the 3 current properties should earn about $200k gross. 

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

For example, require a minimum FICO score of XXX, gross monthly income X times the rent, and verifiable income for the last X years.