I was heavily involved in the renovation and am relatively familiar with the construction side.Our plan is to hold this property for long term and then wait for a couple of years to add more to the portfolio. 

A couple of others here said something similar.  

This can be useful if you want to keep growing your portfolio without being limited by personal DTI or income requirements.That said, here are a couple of things to keep in mind:DSCR Loan Terms: These loans often have higher interest rates and different terms compared to conventional mortgages, so it's important to assess whether the potential benefits of restructuring the loan through your LLC outweigh the cost of refinancing.Asset Protection Plan: Even if you refinance into a DSCR loan, make sure to have a solid estate plan in place.

I was wondering what the process is to get a lot rezoned from a single-family to a multifamily (triplex preferred) in the Temple University area of Pennsylvania.

Multi-family properties may allow you to buy 1 higher-priced one, or you could look for a mix of smaller, more affordable multi-family options.As for diversifying, I agree with your instinct — spreading your investment over a couple of properties can reduce risk and give you better cash flow.

As for the move-in fee versus security deposit issue, many landlords prefer security deposits for better protection, despite the extra steps required in Illinois.

A couple of years ago, my buddy Mike over in Weatherford ran into the same brick wall.

Even partnerships of the closest friends can fall apart, but putting that much trust in a stranger you've only met over the phone or maybe in person a couple times would not be a route I'd go.

-We are closing on a primary residence in a couple of weeks that has a cottage on it that we will begin short/mid term renting upon close. 

@Kwok Wong it should be as simple as contacting your preferred lender and telling them you have a house you are ready to finance.