Rob,Im actually pretty luck in the sence that the metor is an old childhood friend that has been doing this for a few years.I do have a pretty good knowledge of the area since I am a Mortgage banker for the past 7 years (13 years in total) in the area I am looking to invest. pretty nervouse and looking to cut my tie on a deal soon. my short term goal for the year is to get 2 of these done by the end of 2011 and learn everything i can.

.*** Where are all the mortgage brokers and bankers on here?

The local, small town bank, says they can help with this, but that a traditional mortgage would take over 90 days and the banker seems to be pushing me toward a Commercial Loan, with which I have no experience.We have the cash for 20% down and the property probably needs $2-3K in work.  

Seems as though if the deal was as much of a dud as the appraiser thought it was that your commercial banker should have known this before sending the appraiser out to the property.

This includes hefty attorney fees, clerk fees, filing fees, sheriff fees, no back rent awarded, and the damage done to my property due to the negligent and spiteful tenants.

When you use someones you may not understand the logic they were thinking - but when you use your own thought process you can explain it to others (ie: Bankers).

Update:I went to court and was awarded the eviction.  

I contacted my banker and asked her because it has one tax code but 2 addresses how does this work.

I have heard a few times (including on this site) that people have said there are some places where you CAN get a residential loan when buying property for an LLC.One person mentioned that she has a special "closer" who can get these deals done, but who charges 2 pts to do them.A banker told me she knows someone who knows a way to get it done in some cases (and I am waiting to hear back from her.)Another article I read pointed out that it is not specifically disallowed by Fannie/Freddie as most people think, but that you have to get a bank that understands the fine details of the underwriting rules.Also, I read a few posts on here where people mentioned getting deals like a 20 year fixed rate business loan (not amortized over 20, just literally 20 year fixed.)

Obama has apparently settled on a financial plan that, in essence, assumes that banks are fundamentally sound and that bankers know what they’re doing.