Quote from @Kelly Bankes: Thanks for this info, Rob.

Please consider this if you move forward.Additionally, you need to have a broker on payroll in illinois and three separate bank accounts with the security deposit trust account located in illinois.

Be prepared with bank statements, leases, and operating agreements.Next StepsTiming: Wait until after January 19, 2025, to refinance and transfer ownership to avoid violating FHA rules.Consult Professionals: Speak with your lender, a tax advisor, and an attorney to confirm the implications of refinancing and transferring title.Prepare Documentation: Have your property appraised, ensure leases are up to date, and organize financial documents for your LLC.You’re on the right track with your plan, and a few strategic steps now can help you maximize the benefits of refinancing while avoiding complications.

*Banks don't list foreclosure listings on their websites.

Once you have the LLC and IRS Employer Identification Number you can open a business bank account to track rental income and expenses. 

I work with a small regional bank that maybe has 20 branch locations across 2 states.

You will need down payment money, You will need cash reserves Money, you'll need closing costs money, and you will need to get a bank loan.

I have a background working with banks, hedge funds and large infrastructure developers, and have been told my sales and negotiation skills could be leveraged in real estate, particularly in wholesaling.

But the struggle is real right now…  It will be challenging to find banks that will lend with less than 20% down.

This is where the bank generally gets notice Title was changed.