@ Sanjay BakshiHonestly it would depend on the demographics of your rentals.

Quote from @Arvand Sabetian: Depends on your unit and size.

As far as timeframe, anywhere from 21-45 days depending on how quick a borrower gets their docs to underwriting, how long the appraisal takes, etc.

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

It also depend on the condition of the property. 

-Max LTARV is typically 75% -Is a 12-24 Month Interest-only loan with a balloon payment - Minimum credit score is typically 600 -Interest on the Rehab is usually paid per the total drawn amount. 

If the client is in CA the community property state laws may help here (not entirely sure) depending on when the property was acquired but it would be a great question for an attorney as Jason mentioned.If they were married and went through a divorce it would be worth looking into how the divorce paperwork stated how that property would be handled.

You could also do a cost seg on the $500K sale which depending on what the dirt is worth you can take a large deduction year one of renting it. 

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Depending on the location and the city, these could take a long time.