All we do is collect the rent and come by to do the pool and small repairs.

I have the opportunity for a cash offer where the property has great up side once it is renovated.We can get in to the property no problem since we have the cash, the issue is how to finance the repairs and renovations since we just got started on the business and no longer have a w2 or 2 years income under the LLC? 

You can find deals but they often need a lot of repairs/renovations, and depending on your skill and/or team, it might make these viable options or properties you want to avoid.

@Daniel Kulik a robust work order / repair management module would be great.

CoC will be down to about 8.1% with 10% vacancy/repairs assumed. 

Recently, I learned a valuable lesson that made me step back and reassess how I approach offers to sellers and agents.One example is a duplex deal where I submitted a lower offer due to the significant repairs needed.

Based on our comps and some repairs I already know about I listed it with an initial price of $485k.

I recognize that the CoC return is not as high as we'd like, but it does come with some built in equity (~$100,000)Details:- 3/2 Single family house (1487 sq ft) with a 1/1 ADU out back- Zipcode 78745- Purchase price: $469,900- Down payment: $50,000 plus CC (includes assignment fee)- Seller Finance $419,900 at 3.5% interest; 30 year amortization with a 15 year balloon- PITI $2744.02- Rental comps: $2667 for the 3/2; $1505 for the 1/1 - LTR according to BP (Total $4172)- Repairs needed - minimal, coat of paint and maybe swapping a window unit A/C for a mini split

Also can I use an FHA loan to buy a distressed property that needs repairs?

Repairs are probably around 30k at least.