@Nicholas Amendolare, I don't think you realize that you posted this to a public community page, so BP may or may not actually respond to you in an official capacity.

Your 800+ credit score will bump up those lending capacity and lower the rates, but lenders tend to cover their own behind in all cases.

I literally took a pause when you said he wanted to be his own GC without having a license and experience in that capacity. 

In 1946, knob-and-tube was still possible, but not as common.fuse panel versus breaker panel;electrical system of insufficient capacity for modern, electronic living;Plumbing:galvanized supply and/or drain lines.  

Due to the water penetration, the wood joist looks rotted, further reducing its capacity.

The only way to practice real estate without a license is if you are acting in a FSBO capacity. 

Now there are people who are at their maximum functional capacity  on section 8 but not nearly as many as those who have vouchers.

What you're missing is understanding another risk:If your plan is to acquire properties exclusively through direct means, ie quitclaims of off market deals, rather than listed properties, then you are going to run into a higher number of sellers that are losing or have lost capacity than you otherwise would with listed properties. 

If the lending institution knows about the commercial loan / LLC after all, it seems like I would probably qualify for the same mortgage amount that they would lend to me without an LLC, but just perhaps I would get a better rate with having the commercial loan in the LLC because I would have better credit.The reason I ask is because I have not yet utilized the oh-so-beautiful FHA loan, so after I use my full borrowing capacity on the commercial property, I'd probably try to buy up the most expensive 4 unit or smaller that the bank will let me purchase, and knowing how LLCs impact my personal borrowing ability will help me gauge how much I should be able to borrow for the FHA loan.

It depends on a lot of factors (square footage, access to attic and/or crawlspace, location of air handler, electrical service capacity, etc).