Most of the rental income can help you qualify for more as well.There are plenty of creative ways to go about getting into your first deal but you may need to get a solid work history before being approved for a residential loan.

I'm seeking advise from people who may have been down this road before on whether we should seeking other financing methods to go LLC to LLC or quit claim the lot back to our personal names to satisfy the 1031 exchange rules. 

Some flips you will only have the budget to paint, do new flooring, etc....others will justify a higher-end remodel to get the best ROI.You just need to get a Licensed General Contractor to go over your Scope Of Work and attach a pricce to what you want to do.Now, if you wanted more precise guesses at your budget, and gave us a Zillow link...we could actually throw some numbers at you.

We have the drive to achieve whatever we put our mind to, the skills to create a very unique and desirable space, and the finances to back up our investment.

What would be the best way to go about it then?

.: Going to be moving to Chicago next year; looking to purchase a rental property down the line in 1-2 years and just really confused where to go.

I need to go talk to some credit unions..  

@Armani Pimentel Yes, I believe that wholesaling is generally not the way to go, because it is getting banned, there are people who try to take advantage of aspiring entrepreneurs like you, and it is extremely low probability. 

Quote from @Erik Estrada: Quote from @Leah Miller: Lender #1, is completely ready to go. 

Theres not really a good reason to go out and find buyers if you dont have a deal.