I don't want to be tied to living in our current property for another year, so I'll definitely be reaching out to PenFed.We will likely not be using FHA because in Chicago it is nearly impossible to find a multiunit that meets the FHA Self Sufficiency Test...especially in neighborhoods that we are willing to live.

Hard money loans generally weigh the asset heavily, but the vast majority of hard money lenders also look at some aspects of your personal financials as well as your deal experience.Regarding the second part, some hard money lenders will provide a proof of funds which can be used to show the seller that you are a qualified buyer.Best,Michael

The vast majority of my tenants are young professionals who work remotely or are capable of working remotely when the need arises.

That should be sufficient for them to find income-based housing, a family member, or whatever.

Vastly. 2007 was a lot of subprime mortgages.

It also appears that you have not accounted for any repairs or replacement reserves so I think your Net Operating Income for any given year is going to show a more significant loss than what you have indicated.The bank is looking at your Debt-Service-Coverage-Ratio (DSCR) and is flagging it because your rental income isn't sufficient to coverage the debt. 

His experience, which is far more vast than mine, is definitely something I value, and I feel it is needed. 

It depends what your risk tolerance is, but I would keep rentals in the same LLC until my equity was north of $1M then put new rentals in another LLC.Another way to reduce your risk is to get liability coverage and a commercial umbrella policy.For taxes:LLC is best for the vast majority of landlords.

The vast majority of L.A. renters are spending too much on housing — and the region’s affordability crisis provided opportunities for the COVID-19 pandemic to spin out of control.

Once you build a sufficient credit history, you can apply for mortgages for your residence or investment properties.