@Brett Riemensnider You can claim expenses related to your rental property, even with a homestead loan, by allocating costs based on the 75% rental usage.

That being said, it's very difficult to get rents to even cover PITI payments at 80% loan-to-value in Utah these days. 

Financing-  build a relationship with a regional banker, don’t shop for interest rates, start small and build history and loyalty they are your team, Cross collateralize, deposit CD/MM or custodial account with bank for loan, give them monthly updates, nail your deal analysis, do stress tests on your deal analysis-cost/interest rate/deal length/ sale price etc. 12.  

If you are going to get a conventional loan, you must buy the property in your name.

Also you can call your local Escrow  officer and ask who she/he see's doing private loans in your market.. 

But you could maybe assume the loan and get a secondary loan for the rest.

Quote from @Hector Espinosa: Hi,I'm negotiating a seller financing deal which may be my first one and would like to ask for some advise about and what are advantages and disadvantages about seller financing deals.These are the seller financing terms:House Price: $330,000.00 USD​ (Sellers still owe ~$301,000 USD)Down Payment: 5% = $16,500 USD​Loan Amount: $313, 500​ (Monthly payments will be amortized as a 30 years loan​)Interest Rate: 4.531%Balloon Loan Term: 5 YearsMonthly Payment (P&I): $1,594.24​Closing Costs:  ~$3300 ​Zip Code: 74105Observations:       * HVAC requires an update but pending to inspection (replacing with a new one will cost ~$10,000 - $15,000 USD )     * Expected Rent Income: $2,000- $2,300 but this is has been really complicated to get a good estimate because is all over the place in the different sites I have checked

If your DTI is already high, taking on a higher loan amount might not work.

unless its a VA loan, you cannot.

You could build that in phases and finish the first 4 and then get your lender to do a construction loan on phase 2.