He is probably drawing up a Quit Claim Deed, which is usually a 1-page document.  95% of what is in a Quit Claim is copy / paste so it shouldn't take that long. 

I am set on Los Angeles because that's where we are at least for the forseeable future (minimum 3 years).

Well... as we can see... predictions on this thread didn't age well ; )August 2, 2024 - Current 30yr Fixed - 7.532%Bought a house at 6.5% and mortgage broker swore rates were going to 5% by end of 2023... and here we are lol

How long do I have to let it season?

Depending on the state the properties are located in, some lenders will let you pull 80% cash out during the refinance process as long as the property meets a 1x debt service.

Even in this scenario I think there are deals to be done, as long as you buy for the right price and employ the right strategy that will allow you to cashflow.

We are closing similar loans to this one in 2-3 weeks. 

We are expecting it to be ~$137K. 

We are going to be buying property and building a spec home shortly and need to understand the pros and cons of doing this deal through an LLC vs. as individuals, from a tax perspective.

@Sharad Bagri There should be no requirement to be accredited to purchase a multi as long as you have the requirements met to get the loan.