Nic, your profile says 'Lender from Chandler, Arizona' but you're seeking a lender in your post.

I'm currently seeking referrals for investor friendly agents as well as an attorneys to work with for purchasing buy-and-hold properties. 

Speak to him about raising the rent to $850 and allow him a couple of month to find another place to live while you seek a replacement tenant that can afford the unit and that will not be a financial burden on your investment.Now is the best time for you to decide if you are investing as a business or as a charity.

You will be self identifying as an inexperienced person, perhaps someone who has never done yourself what you are seeking an experienced investor to help with.

Specifically in South LA in these zip codes: 90018, 90008, 90043 AND 90062.Seeking depressed properties to flip. 

If you're considering getting more involved in real estate as a career, I'd definitely recommend seeking out a brokerage with educational and training opportunities.  

The value you seek is smallish, so I would look for an LTV they would like, seek terms you would like (no prepayment penalty, 20yr arm) and then 3-4 months post COE, slam your cash into the loan, it that's your choice.

Some combination of ARM, higher rate, and points upfront, will apply.All of this should have been brought to your attention back when you were seeking preapproval, this is commodity/common knowledge among lenders. 

There is so much conflicting information on this topic, it would be great to read more in depth about it.I know what I am asking is "legal advice" but I am not seeking legal advice at this point, just a general direction I should be heading or looking in as a way to protect different assets.Thanks again.

@Assi Siles That's alot of questions : )I'm always learning and there are way bigger fish in the sea than myself.That being said, if I had to start over, I would seek mentors to work with in the local area.