Thats all id recommend for now, no need to get to complicated so soon! 

No, do not want separate applications just looking at all options.

No real risk beyond just the risk that goes with having any stocks or bonds. 

Our last tenant checkout out on April 22, 2023 and I've had a few inquiries but no solid leads. 

Since technically you'll have two contracts with the buyer (sales and purchase and assignment), there's no need to add a line for earnest on the actual assignment contract.

Being a KC guy I help a lot of Californai people invest here in multifamily and they come here for cash flow, landlord friendly laws, tenant laws, no rent control, lower property taxes, protection from style of governing.Hope that helps! 

What if you show low income on paper is there still limits, it seems almost as if someone making minimum wage or even no income could buy a million dollar property otherwise as long as it showed a net positive to their DTI?

I researched it as well and found that they were NO cheaper than site built but much faster to have rented out.

You have a fourplex worth $500,000 and you have no mortgage.  

You also have to consider loan amounts typically need to be above $250K will carry a 3-5 year prepayment penalty.The biggest thing I see is loan officer are quick to offer a pre-approval for you but the fail to run the DSCR/Rents ratios up front.