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. 

Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.

Does this speed up the process of taking some 'next step' ie: so what if you have 2 properties is there some strategic imperative here other than just the pure financials on the properties?

(Goal is financial independence mainly via buy and hold rentals)Basically we purchased a "fixer upper" in early 2016 for $230K.

How does the law proceed with protecting people that want to grow?

Hey BP,I just finished reading Financial Freedom with Real Estate investing by @Michael Blank and looking to pick up another book multi family/apartment related.