However, understanding their requirements—such as down payment percentages, reserve requirements, and loan-to-value ratios—is key to getting approved.One of the biggest advantages of working with portfolio lenders is their ability to fund deals that traditional banks might pass on.

Loan Origination Fee 7. 

How do you PAY back your contractor, did you take out a construction loan and repay them once the property sells or you refi?

Welcome to the world of bank loans!

@Mike Sferacorrect. one small tweak, if you're buying fixer, you wouldn't typically buy with a 'mortgage.' you'd use cash or a hard money loan. 

There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area.

Hey Trent - Have you looked into DSCR loans?

My plan was to do a Home Equity Loan and the STR income will pay off loan in maybe 3 years. 

In my experience, you are thinking through this correctly.I've heard lawyers say, if the loan is in your name (which it has to be for conventional) and the deed is in the LLC, you aren't treating the business as an independent entity and in a severe lawsuit, the corporate veil is pierced and the LLC can be thrown out.I agree that one of the best defenses is to run your properties well. 

Recognize any cash you add to down payment is increasing your cash flow by the rate of the loan.