Intent is key. 

I've always held title in an LLC name, the main reason being limiting my liability in the event that a tenant or someone else initiates a lawsuit or other action as a result of something that occurred on the property (nothing to do with financing- as you note the bank has the overriding claim).  

Main difference being the length of time for each step, costs, method of valuation, and inconsistency across lenders.Many lenders won't let you pull all equity out though, YMMV.

I am a financial independence "enthusiast" if you will and always interested in adding more semi-"passive" incomes streams to supplement my current investment portfolio (mainly index funds at the moment).

Terminating a leaseTo get out of a housing lease, under the relief act and without penalty, you must: Prove you signed the lease before you entered active duty, and that you will remain on active duty for a minimum of 90 days.Provide your landlord written notice of your intent to break the lease and a copy of your military orders, ideally no fewer than 30 days in advance.If you signed a lease or rental agreement after you began active-duty service, you may still be able to terminate it without penalty under the relief act if you: Received permanent change of station or deployment orders that will last for more than 90 daysProvide written notice to your landlord and a copy of your orders, preferably with at least a 30-day noticeIf you are successful, your lease should end 30 days after your next monthly rent payment is due.

My intention was to allow the current renter to stay in place for 3 months, end the lease at which point i would do the rehab. 

I guess one of my main worries is she is going to try to pull a lawsuit on me due to the sewer gas? 

I wouldn't look at expenses per door, expenses as a percentage of gross potential profit.Per door is mainly acq cost and rent...

The rear structure does look like it needs some attention, but the main house looks promising.

So, the total move-in costs (not including pet fees, if applicable) would be $2475, all paid prior to lease signing.Also, we would need copies of the two most recent pay stubs and photo ID for all applicants aged 18+ (I can scan at the showing) to begin the verification process, which only takes a few days.Since choosing a place to live is a very personal decision, please feel free to do a “drive by” of the property, located at 123 Main St, so you can get a “feel” for the neighborhood.