How to Finance My First Investment Property??

[Derrick Reeves]

I found a deal on a HUD Foreclosure home that I want to buy and hold. This would be my first investment property. You can see my numbers below:

I can only spend roughly $6,000 out of pocket.. I have a great credit score and have already been pre-approved by a lender. This would be my first and only mortgage, so he said I could claim it as a primary residence and still rent it out. This would allow me to purchase the property closer to a 3% down payment. My only concern with this is liability. For this reason, I would prefer to put the property in a LLC, but I can't afford the 10% down payment, closing costs, and renovation costs by myself.

My question is, how do I finance this? 

1.) Do I claim it as a primary residence? If so, can I transfer it to a LLC in the near future and how would that affect my interest rate or loan structure.

2.) Do I create a LLC and partner with someone who can help with the renovation costs and split the cashflow?

3.) Are there some obvious creative financing options that I'm not thinking of that I can benefit from?

If possible, I would like to purchase the property as the sole owner and rent it out. I plan on doing the BRRRR strategy if this deal works out. 

Any help or recommendations are greatly appreciated, and please correct me if I am misinformed about any of my concerns. Thank you in advance for your time!

- Derrick Reeves