i just look for risk in posts - since I don't know the people in person i have to go by what they post, and so here i saw the same thing @Travis Timmons did - 'stacking' risk factors:-from California-probably chose Cleveland solely because of the price point and not because of any market knowledge-asked about borrowing 100% and asked about forming an LLC-did not indicate anything about strategyto be very clear - these are fine questions that OP is asking, and out of state investing is a fine strategy. 

And it's always the same deal - title, appraisal, and borrower docs.  

You could borrow a second against the $400k of equity in your property - and accept short term negative cash flow to earn a lot more on the great deal you don't want to pass up.  

Best bet is to establish a heloc if you intend to borrow funds short term.

If you are a borrower with a w2 income and no other properties only basic liabilities your file should be very straight forward.

High high level - LLC will typically be an option for DSCR Loans (or bank other types of financing), while conventional will require you to borrow in an individual capacity, but there are pros and cons of each.BRRRR Loans: What Are the Options, and How Do DSCR Loans Stack Up?

As long as the property generates enough cash flow to service the debt, you qualify—without the need for personal income verification.This type of loan is ideal for those serious about growing their real estate portfolio, especially if you’re self-employed or have irregular income streams.Why DSCR Loans Matter for Real Estate InvestorsWhen it comes to real estate investing, traditional loans can often be restrictive, requiring personal income verification and imposing limits on the amount you can borrow.

Here are some common structures and terms that have worked well for both private lenders and borrowers in real estate, particularly for those focusing on single-family homes (SFH) and multifamily (MF) properties like you're considering in Philly’s B Class areas.1.

I have seen DSCR rates as low as 6.5% with discount points and actually a credit to borrower for a solid credit and low LTV in NY. 

DSCR / Investor loans, focus on the property's income potential rather than the borrower's personal income.