Second home occupancy loans cannot be leased nor subject to a property management agreement.

FHA allows you to live rent free and use projected rental income from subject property units to help you further qualify, conventional does not.

Anyway, I went off subject again.

Here’s my take on subject to1.

If all looks good, I suggest a one-year loan with one automatic one-year extension for another 2 points, subject to on-time payments, taxes & insurance paid, etc.

Unless you are an attorney practicing real estate in the state of the subject property, the chances of reaching a wrong conclusion are too great and the consequences too costly.  

If you have enough funds in an IRA the alternative would be to establish a self-directed IRA, and have the IRA buy the property subject to existing financing (if your sister is willing to do that), you personally can't assume the mortgage b/c you are not allowed to provide a personal guarantee for IRA-owned property and have the IRA pay your sister for the equity.

However, this is subject to change, and some applications may take longer if they require additional review or if there are any issues or discrepancies that need to be addressed.As for tips to expedite the process, here are some general suggestions:Make sure your application is complete and accurate.

The LLC has no impact on the effective tax rates.Also if you acquire a property for the purpose of flipping, that will always be Ordinary Income, also likely subject to self-employment taxes.That particular sales event has no impact on the taxation of your normal rental income from other properties. 

You could do a subject to but I would be nervous about doing that on such a large deal when the bank has the right to call the loan.Great deal, though I don't know how I feel about making such an enormous profit off a church...