@Kaylea Bienek google fha self sufficiency test if looking to buy a 2 or 3 unit.

More often than not, using neighborhood comps are more than sufficient for finding the ARV.

Many investors do not have sufficient capital to act like the bank and fund the SCBN, so the SCBN would be drafted in the name of the Qualified Intermediary and upon closing of the sale of the relinquished property the Qualified Intermediary would be holding $50,000 in cash and $50,000 in a note. 

The LLC is for my contracting business but I was also considering setting up a separate one for my rentals (especially if business financing is a possibility) or should my liability insurance be sufficient for now?

I’m talking to my lender now and we think that my change in circumstance should be sufficient enough to get me into a property with 5% down!

For more of a SFR 'average' American home (whatever the median for the area is) I would say that an address specific  letter of preapproval (when submitting an offer only) is sufficient.

It's not perfect, but it gives me a place to start.I checked with my attorney and he felt it was sufficient to protect me. you may want to do the same. 

It doesn't sound good, but if you don't actually have access to sufficient funds then you need to focus on finding sellers who are too dumb to ask for PoF.

Until CAPX gets built up sufficient to cover, we can/will cover it ourselves. 

My personal opinion is that you don't NEED an LLC for one property, especially if you're carrying sufficient insurance to protect yourself and the property.