However, Is it replacement cost or actual cash value?

Actually, having a an optional car to rent might be a great idea!

If you have more than $500K of gain (and you both qualify) or if you have more than $250K of gain and only you qualify then you could actually sell and take both the primary residence exemption. 

Yes actually.

Contact your PM and let them know the tenant has reached out to you (guessing they gave her your email) and you're fine letting her out of the lease early with no penalty. 

DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

@Dave Foster will be able to help with this...the first question I have is have you actually established what the capital gains amount may be? 

I'd offer different packages, such as purchasing furniture and supplies, doing actual set-up, refreshing an already-furnished rental, doing marketing, etc.

How will you know if the letter is from the actual landlord?

If you're dead set on investing in the area, then I would try to partner up with other investors to see if it's worth it, otherwise take a look into OOS investing in a state like Ohio where the numbers and landlord laws actually make sense.