So, it's not going to be 'all-encompassing'.I did get a HELOC approved on one of the properties but have not used it (since the Northern California market is too hot to buy any more real estate). 

I will go there right now getting a feel of what amount can be approved so you can come up with a budget.

If the tenants destroy the property, then they could loose their benefit (at list that's what the Sec 8 office told me I never experienced it) Also Landlords are allowed to give surprised visit to applicant's current resident prior to approval and if the property is kept in bad shape or they don't allow you to enter and inspect, then you can decline the application.

I submitted an online application to BBVA and got an email stating approved amount of $44K, this is before title search and their property value check.

Legal Fees $2400 Deposit Required for the mortgage - 20% - $35,000Right now rehab - 22,000Property improvements and correction of deferred maintenance over the next 2 years - additional $24,000 Mortgage payment - 871$ / monthWater - app $200/monthProperty Tax - app. $300/monthGrass/snow - quoted by a local company at $274/month (1800 for snow for the year, 1500 for grass for the year) Insurance - $140/month (got a great rate not cheap insurance) The heat source and hot water is natural gas, New furnaces and water heaters installed in 2015. 

Hello,I recently had a major plumbing project done on my multi-unit building. I signed a contract at the beginning with a GC that was more general than I wanted considering the large price tag, but he kept saying that...

However Insurance company today served us (LLC) with a legal suit to get basically out of some parts of the tenant's lawsuit and including passing legal fees to us. 

They should pretty much be there to pay their app fee and if approved (credit, income, background),  sign the lease. 

Is it legal?

No legal advice given.