Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.

Also did not know a possible payment method could be so polarizing.

The more money you save, the lower your monthly payment because the more you can put down.This is really great advice....some of the best. 

With this particular method, when you purchased the homeowners insurance it would have listed you as the owner, but when the claim is filed your LLC would be the owner.

My current monthly mortgage payment plus projected future mortgage payment (2900+2900 = 5800).

Keep in mind, though, that this approach comes with higher down payment requirements and interest rates, which may not be as favorable

Need input / ideas / comments on following pls.I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems).

I have a family investor that I will borrow from for the down payment, then finance the rest from the bank.

That way we could start renting without needing a new down payment and all of the closing costs.

He has changed bookkeeping platforms 3 times this year and used this as an excuse to delay payments.