Even better, have the interest accrued be paid to the tenants prior to closing (with documented acceptance by the tenants, of course) so you can then start from a clean slate with depositing the security and tracking interest.

To be able to qualify on boarder income, you must be using the Home Possible and can prove that they have lived with you for at least 12 months (with proof), as well as documents proving that he has been paying rent for 12 months (cancelled checks, receipts, etc). 

What documents and documentation do I need to give them to help them out?

Usually inexpensive real estate can have a higher cashflow per month, which is great news!

https://www.washingtonpost.com/news/where-we-live/wp/2018/02/27/new-insurance-policy-provides-landlords-coverage-for-evictions/?

There is one more question I forgot to add, considering I will be doing away with the management company am I legally allowed to retrieve all documents regarding the properties?

Pay your tax bill.Can skip on the other standard 10 or so documents otherwise normally needed for preapproval, this is a limited pre-preapproval to see if that is even a good use of your time to locate and send that other stuff in.The above shouldn't take you longer than 20 minutes, tops, plus waiting for turnaround time.There ya go.

If you purchase under your name and later switch to an llc, some banks will consider that property as being sold, you MAY then be faced with the "due on sales" clause in your loan documents and the bank could ask for full payment of the loan.

Does the patient have living will, Durable power of attorney, and such basic estate planning document ?

I documented this as well in case I need to use it.