It looks like a great idea on the surface but the numbers don't stack up from a risk/return point of view as far as I'm concerned (it could be different for you depending on your return expectations).

Then connect with some hard money lenders (you can find some here on BP as well as some who are typing this right now) and connect with them to understand their product type, what they like to lend on and requirements.Hard money broker is all numbers game of making relationships and helping those that are looking for financing, it starts out slow but if you get with a few good borrowers and lenders it can be pretty decent money to be made.As an example we paid six figures last year to HM brokers. 

However, I don’t yet have the funds for a down payment on another house, and I’m trying to figure out the best option for where to live while I rent the apartment.Do you have any recommendations for managing this transition or tips on finding a temporary place to stay?

When your LLC takes a loan, expect as members to personally guarantee the debt.

I figured using my primary equity could assist in getting that loan just to show as reserves 

My frind in Omaha ended up picking up his second property sooner than he expected, simply because he’d built a small name for himself with one successful deal already under his belt.Are you feeling confident about the day-to-day responsibilities, or is there something else in the process that’s keeping you up at night?

However, there wasn’t much residential use and I couldn’t figure out where the housing neighborhoods are.

Surely others have this issue and have figured out a workaround, any suggestions???  

If so, it would make sense to figure that out first before deciding on a specific area.

Since I undertake a number of projects with passive partners who maintain ownership interest in the LLC, I often have to negotiate this with the banks ahead of time as I customarily solely guarantee the debt and that's my LP's expectation.