Renting to a family can lead to disputes, so a formal lease is essential for professionalism.

If so, I don't see why you wouldn't get approved. 

Joining BiggerPockets is a fantastic first step – it’s where so many great real estate journeys start.

You're project is small so expect a 20% fee. 

so, to recap, you need cash for: down payment + closing costs + holding costs.for a new investor, a live in flip might be a lower risk option than an outright flip. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

I also am aware that we are increasing our net worth through real estate, but we are paying so much in taxes and cannot claim the renovations or improvements on the properties we own due to our income.   

Here’s why selling your primary residence to your LLC and then renting it back isn’t a good idea from a tax perspective:Self-Dealing Doesn’t WorkFor tax purposes, a single-member LLC is considered the same as you, so paying rent to your own LLC is basically just paying yourself.

What is this strategy called?

Thanks so much for the advise, I'll definitely look into it.