Also, consider getting an Umbrella Policy, $1-2 Million Coverage will cost probably less then $300  annually. 

When completing your DD get copies of the tenants leases, you must honour them however unless there is language preventing you from doing your annual rent increase it may not be too bad.

If so what is the usual annual rental increase?

Wonderful 20%+ returns annualized.

Assuming 50% of gross rents for cost/vacancy that would leave me at $28,200 NOI annually but $37,812 for debt servicing resulting in a loss of $9,612 per year. 

I read somewhere that month-to-month you give 30 days notice to move out and annual lease is 60 days notice.

I have a 9-5 with an annually salary of $41,000 which I am planning on keeping for now (mainly because banks love to see W2s).

Annual realtor fees, MLS, and lockbox access runs about $2,000 in my area. 

- The Annual Report form says the filing fee is $300 for a domestic LLC; Do I include a check simultaneously for that when sending this form?

Plan is to raise rents, get 8th unit online and take gross income from current 23100 to 28800 annually, hold for at least 10 years to utilize opportunity zone and then either sell or continue to hold for cash flow.