The teacher was an actual financial educator but they repeated themselves a lot and were telling the students to go in and apply for credit cards DURING the course to purchase the next course for $15,000!

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

However, an LLC can be used to open a business bank account.

If I were in your and/or your mother-in-laws shoes, I would go to a local bank and use the free and clear house to secure a $150K+ line of credit. 

If comps for a 3 unit property are in the 950k range, then that is what it will come in at.The revenue from the STR will have no bearing on the value of the property itself.People argue about it from time to time, but I spoke with 10 different lenders, banks, credit unions, private lenders, etc etc and they all said the same thing.

You may need to pay points if you put less than 20% down, but lots of no point options once you get to 20% down as long as you have decent credit scores. 

Do you have a good credit score?  

CREDIT - You need this! 

. :)  these are not credit score loans ( I mean I have a credit score) but thats just a formality its all about capital and relationships with your bankers and deposit relationships thats key as well.Yes your relationships with sub contractors will be a huge factor in profitability, both direct and indirect. 

Build your credit.