If the properties are split into more than one LLC, then each LLC will need its own accounts.Checking: collect all income here, then use it to pay bills.

The law states:"a landlord may require a prospective tenant to pay the landlord’s actual cost, up to $25"https://docs.legis.wisconsin.gov/document/statutes/704.085(1... states that the most a tenant may pay in Wisconsin is $25. 

Don’t ever tell your banker you plan to live there.

My original plan was to find a 4 plex in california buy using fha loan, move out after the first year and generate cash flow and appreciation, but after looking at properties it became clear to me that’s not possible with todays market and interest rates.

Rewey: Your Comment: "the ultimate solution is to pay it off if it gets called due."

Quote from @Eric Gerakos: Michael, why would you invest in UNSECURED note funds when you can buy notes SECURED by real estate that are currently paying 10% for 2 or 3 year interest only terms?

I'll subto his existing mortgage and pay off the 120k.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

I plan to put a $600 utility cap in the lease.

Please clarify, how many lenders we have "signed up" and how much they "pay" for "leads".