However, I am in escrow to buy a home, but my plan with this one is to rehab and turn it into a midterm rental as my very first buy-and-hold.

Quote from @Michael Smythe: @Zehua Zhou usually, your 401k will lend funds to your LLC.In that case, you would give a PMC the LLC EIN.You really should get advice from a tax professional.My original plan with uDirectIRA is to let my 401k make a private equity investment into my LLC to make it own 100% of my LLC, and let my LLC buy real estate.

But I don't know .. it's certainly worth looking into. 

My lease states that if a tenant breaks the lease and moves out early, they must pay a penalty equal to two months' rent.

Additionally, lower Fed rates do not necessarily translate into lower mortgage rates.

There is a huge variance in underwriting guidelines, programs, rates, etc.Send me a message if you want to dive in to the scenario any more!

I am going to have my tenant pay rent online directly into my new checking account.

I would make sure you really lean into a theme if you're going to do it, because that is what is going to attract guests.

The lease supercedes the law as long as it's not breaking the law. 

I would definitely look into the laws of your state to make sure you aren't running afoul of the law.