First Time Buyer, Hacking, Lenders, & LLC

[Shirley McLean]

Hey BP contributors,

I plan to get pre-approval soon for a property in Tyler,Texas. I would like either a duplex or a house with an apartment garage or some type of rental potential for a tenant to house hack. First of all, any suggestions on lenders with low down payment low or no closing costs and no PMI would be great. I am in the process of getting my realtors license but my cousin is a realtor and knows how to analyze a good deal as do I but she has MLS access. I plan to find a property that needs some updating to get the best price.

I would like to protect my asset so should I get an LLC for this purpose before I get pre-approval? If I do, will I have to then go to commercial property (5units or more?) because lenders may not do residential loans through an LLC? What's my best course of action for low down payment, asset protection, and wrapping renovation costs into the loan?

My goal is to build an investment portfolio after my own mortgage and overhead are covered via a house hack.