The issue you will likely run into is that the homepossible program requires the borrowers qualifying  income is under 80% of the area median income. 

Sponsor is in the process of set up an LLC with multiple members put in equity money and LLC to borrow a loan.

My other concern is if I add the extra bedroom, should I add a half bath because imagine 5 people with only two bathrooms…… 🤔My goal is to get most of the money back out when I refinance in Six months because I am borrowing money from my 401k for the down payment and part of the rehab, and I want to pay that off quickly.

If you actually go down to the courthouse, the employees there should be able to help you find what you're looking for (some places are more cooperative than others).For the mortgage balance the only way you'll get an official payoff amount is to contact the lender with the borrower's permission; so what I usually do is take the open mortgages and run them through a mortgage amortization calculator to get a ballpark of where the balance might be.

A couple times I borrowed against a 401k to lock up a couple smaller deals.  

Even if you can clear 75% of your rent, the banks are still likely to discount that percentage for borrowing calculation purposes anyway.

They are going into multifamily and commercial and probably have very different investment goals than you.Finally, since Dodd-Frank and all the new appraisal guidelines, banks are very good at making sure you are not borrowing more than a property is worth :)Bottom line is that, if you are a buy-and-hold investor in Utah, look for equity first and everything else will follow.Good luck!

If you haven't won Power Ball or recently inherited 7 figures, I'd borrow as much as possible for as long as possible. 

You are only able to borrow the original purchase price as stated on the original hud-1 plus the taxes, prepaid points, closing costs etc.  

I am thinking, wow, we have an over 800 credit score, we have more in the bank, in cash, than we are borrowing, the rent is 3 times the payment on the house, and the lender said we don't qualify.