Currently speaking with lawyers on the benefits/drawbacks of purchasing under personal names vs LLC. 

If you think you will use all of the funds and subsequently repay the loan then #2 may provide greater predictability, however it comes with the drawback of not being able to immediately redraw the funds later.One aspect to always keep in mind is that #1 is not fully committed financing. 

The biggest drawback is they only reporting to Equifax.

The FHA Loan has lifetime mortgage insurance on it, so you can only get rid of that MI by refinancing into a Fannie / Freddie loan.You can also look into USDA as most of Iowa is good for USDA, however the drawback with USDA is that they hold the debt ratio to 41% compared to Fannie/Freddie at 50% and FHA at 56.9%.

The draw-back is the market is very specific to 55+ renters.

The drawback being its legality in some areas of the US, and limited messaging + imagery compared to something like direct mail.

The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending.

Garfield Park, Near West Side, West LoopOther questions:- What are some benefits/drawbacks of utilizing a physician loan versus an FHA loan or conventional loan with PMI?

I already have created the LLC for my sons, I have a small stake in that LLC.I have thought of two ways I can approach this but would be interested on thoughts from the group on benefits / drawbacks of these approaches.Approach 1:   Create a master lease / NNN Lease to my sons entity along with a Option to purchase.

Getting prequalifed should be 100% free to do so there's not really any drawback to doing it.2.