Some of what they are saying is correct, like having a separate bank account to hold security.

Therefore, your ability to re-use your money like you could in a BRRR or a flip is limited, and you are banking on the cash flow from that property or market appreciation over time to re-capture any money. 

Of course the customer is acting as the contractors bank , who else is going to ? 

You really never have to visit the property if you and your team do the home work.When you close you if you use financing the Bank/lender sets up the mobile notary. 

I purchased similar to you with all parties agreeing to the terms (8% below appraisal on property with drastically under market rent in a rent controlled jurisdiction).  

Hi, Everyone; besides Mercury Bank, are any banks allowing remote account setup, personal and entity? 

You'll probably need a dedicated bank account for the LLC so you don't comingle funds and "pierce the veil" of the LLC.

I just took the past 12 months worth of funds from them to the bank yesterday and had $244.

You'll want to get a business bank account for the LLC.Do your best to keep personal and LLC transactions separate, document any funds transfers between you and the LLC.Your Trust should own the LLC, but you will be the LLC manager.

You don't say how short of 20% you're coming up, but I'd start with your current business banking relationship and discuss options with them.