Will owning a financial commitment like an SFR loan place my company into a different status with regard to new fiducial/regulatory/reporting obligations? 

right now I just have my agent and my financial advisor at my bank, should I build a relationship with a lawyer before hand and find a house inspector as well ?

One 2 Bd apt. and two houses, 5 bed's each.Financing Approach:80% Bank20% 10% down payment10% seller financing - terms to be negotiatedAnnual Financials:-5% vacancy (the market is emerging and vacancy is very low - we know this because we own a 4-unit in the same area, purchased from the same seller)-Rent roll: $55,800 - can be pushed up by $4,800 conservatively after rehabbing-Property Taxes: $4,277 -Insurance: $1,619-Maintenance / Capex: $11,160 (projected - 20% of rents)-Water / Sewer / Utilities: $6,200-Property Management: $3,600 In summary:At purchase:-$55,800 gross income-$21,903 total expensesPro-forma:-$60,600 gross income-$22,529 total expenses We want to get your thoughts on this deal.

Financial freedom is when the income is generated without you having to spend time earning the income.

Follow it up with research.After you have studied, met connections through meet ups naturally, and got your self financial sound, start to look for investments.

My friend just told me he only does month to month he says the yearly protects the tenant more then the landlord? 

And the person taking the financial risk should get the greater share of the reward.

However, we'd like to cancel the contract as interest rates have risen and it doesn't make financial sense anymore.

I support her financially, basically.

In Florida you may have a possibility of incurring damage from flooding or hurricane force wind so I would suggest you get coverage that will protect your investment whether it is your primary or not.You can call Westwood Insurance  18888225396.