Update your operating agreement, notify your state, and file IRS Form 8832 if needed.

Are the rental properties located in an area where there is no risk of extended periods of vacancy or large rent decreases during all economic conditions? 

The grace period is fifteen (15) days.

There are a few, and I mean very few, DSCR lenders who have recently updated their guidelines to allow for padsplit properties...

I'll just paste my previous post below (with a few updates): I'm all in on my Chicago-area MTR operation.

I am in the process of updating my profile on Bigger Pockets and put my first deal in but have done a number of deals since then. 

You can do things like request updated tenant information, new signed leases that kick in at close of escrow, rekey or get key copies, estoppel agreements (outlining the deposits held by the selling owner),  etc.  

Down payment 10% or $1,000.00 whichever is less. 3 day cooling of period & 5 day for people over 65 & many other laws spelled out in the business & professions laws that we test on and signed an affidavit to uphold.People on the forum dismiss these and many other facts relative to contractor license law at their own peril.If I took a residential customers credit card & bought material I'd be in direct violation of license law.

Especially considering this performance is over an extended period of time.  

Pace spends tens of thousands of dollars keeping contracts updated for all of us.