Situation: How to acquire a loan with a new LLC unable to approve income?

With the home in BK you would need to get the trustees approval (assuming ch 13) if it’s ch 7 then it should be faster but still take 3-6 months

I'd wanna talk to others in. the fund and if they are a legit fund there are legal filings they need to have done. 

Thanks Michael, great info that I can pass along (while disclosing that it is not tax or legal advice since I'm just a Realtor® ;)

Make sure the bedroom has legal egress in case of a fire, either a legal sized window to the outside or a door. 

Consider low down payment options and get pre-approved for a mortgage.

You will have formation costs, earnest deposits, legal bills, due diligence costs, etc that will likely all come out of your pocket initially.  

@Shrikant Kakani- thanks ...if you  dont need to use financing - disreagrd the following tip ..if you will need to use a loan to acquire your 1st investment property - I would recommend getting the formal loan pre approval step completed ..this is free  and it will help answer many questions you have  and  help get you organized and  prepared .

A local bank approved me a 200k home equity loan at 7.5% at $1,447/mo and currently talking to mortgage originator about refi options.

Consider legal and financial implications, such as a loan agreement and tax consequences.Respect their decision and explore other options if necessary.