I have assumed their leases and added an addendum that includes a few items (no auto renewal, new payment address, etc… ) which I am planning on asking them to sign.I sent non-renewal letters about a week after closing (early April), which gives them way beyond the 30 days' notice.

Rates just dropped Monday after a bad 2 weeks so its a good time to pull the trigger.Multifamily rentals pay off in the loan run so its never a bad investment on a cash flowing property that will debt service itself and grow in equity. 

It can service more debt- I have a very solid borrower profileThanks in advance for any input

CA has brokerage exemptions, for real estate brokers, DF exempts attorneys from creating owner occupied residential loans when the loan is compliant and so long as they are providing an auxiliary service in connection with their practice, your attorney places your assets in a trust for estate planning and creates  note selling a home.

Agency/other Non-QM is ability to have the LLC as the borrower. 

We looked into it and chose to stay local and full-service.

If you are building from the ground up and need to finance the build, you may not use a DSCR to achieve this since this is a loan for non-owner occupied, rent ready properties.

At the end of the year it will print out a report per property of rental income, repairs, utilities, insurance, services, etc etc.

I'd need to know more information to determine myself if I were assisting you (hypothetically, of course, since we aren't allowed to advertise our services through this medium), but from the surface level it does sound like you do qualify for the 121 exclusion.

In fact, we have a bulk package plan on all of our homes that allows us to earn a tidy profit simply by providing internet service.