If you go conventional the lender will require 20-30% down depending on your profile and the deal terms. 

You will need to factor in rehab costs, which could easily eat up another $50-75k depending on the condition.

@Brandon OrtizFrom my experience, choosing the right investment strategy means aligning it with your financial goals, resources, and time commitment.

What happens to your value if you close, choose not to get it permitted, and then the city says you can't do it and you lose the income?

Depends on your investing style of course but I do not believe there is a better turn-key company in the US for those that want to be as hands off as possible.  

Transferring ownership to your LLC might trigger transfer taxes or reassessment, depending on your local regulations.Commercial lenders will evaluate your loan based on the property’s cash flow (DSCR) rather than your personal income, which is great for freeing up your DTI. 

The ones I manage total to 20 bedrooms.These rooms rent for between $125 to $225 per week depending on room size and amenities in the room (beyond basic amenities may include: Desk, Tv, private entry, tenant controlled AC, additional storage).This month after padsplit takes their 14.25% cut of the revenue I am recieving, from the units I own, $15,230 from 3 homes.

I'd love to give you some insight into what the Memphis market might have to offer you depending on your goals. 

There is no given answer here, because the whole property needs to be relatively consistent.Kitchens and baths are the common answer, but if they are passable and you choose to invest in them anyways at the expense of peeling paint (or off putting exterior color) and overgrown landscaping, the appraiser and tenant will be walking up with a bad taste in their mouth, thereby not valuing the interior work you have done.But think about the general flow of someone looking to rent: more bedrooms will typically dictate more rent.  

Depending on the state, you will need a designated agent for your LLC, in that state.