The monthly payment for Lender 1 would be $1680 and the monthly principal and interest payment for Lender 2 would be $1398. 

They also seem to be keeping up with the LLC state filings every year (I check the secretary of state website from time to time).

If you end up paying a preferred rate that is too high, your preferred equity investors will be very happy but your common equity investors could not only lose out on returns but even lose principal because most preferred equity deals have the preferred equity investors receiving all their return on capital and all their return of capital before the common equity investors get anything.I have done deals where all the investors were structured as preferred equity with a specific stated return and no upside beyond that return. 

I use Proper, but have not had to file a claim yet. 

It's typical and recommended one tax professional handles the entire filing.

Same goes for number of LLCs and what to fund them with, since bear in mind that CA tends to be more cumbersome and expensive to have LLCs than other states.California is generally more cumbersome than other states when it comes to taxes and filings.

@Terris Elliott It is very easy to file the articles of organization and obtain an EIN.

Principal Place of Business: The home office must be your principal place of business.3.

You would not be able to exclude it from your DTI until you filed with it on taxes (assuming you did so and did not report a loss). 

That means 20% of the loan to the lesser valued houses (3) and 40% to the higher priced home (1) for a total of 100%.When you sell one of the houses, you typically have to pay 110 to 120% of the allocation loan percentage based on current principal.