Conventional or Hard Money Lender for first investment property

[Kellan Martz]

Hi all - buying our first investment property (two partners and myself). We are based in LA and will be buying in the midwest. Purchase price will be between $50-75k.

Question: What do people recommend - hard money lender or traditional mortgage?

Our Goals: Purchase by May, if not before. Purchase single family home or duplex with minor renovations needed (if any). Buy and hold. Location: Midwest (looking at Kansas City, Indy, Cleveland, St. Louis, etc.). Would like to have the property in an LLC for liability purposes. 20% down is our plan.

I am open to either and see the benefits to both. I am not fearful of HML as I've interacted with them in my real estate law work off and on for my clients. The traditional mortgage with a bank or credit union is appealing because of the stability but also like the flexibility and speed of HML (such as buying cash only homes). Your thoughts and tips would be appreciated.

Bonus question: LLC process. I can start the LLC on my own and write the operating agreement, etc. but haven't researched fully on buying the property in the LLC name or buying in our names then transferring it into the LLC. I know to look out for loan rules such as due on transfer clauses etc. but further advice would be great. Thanks!