Something to keep in mind is the lending options change when in LLC, so leverage owner occupied loans for Refi/HElOC etc go away once you move out.  

If it's an investment property, you can use a DSCR loan.

Always better to do each loan solo.

Account ClosedEven with high interest rates, lots of folks investing or buying homes do well with FHA loans because of small down payments and good loan terms.

So the loan for the rental shows as a debt but the income is not reported to the bank where we are trying to get the new loan.

Option 2 with second lender is, get an FHA loan at 3.5% and use the concession to buy discount points and bring a 6.2% interest rate down to a 5.4% permanent buy down, putting me at around $3,450.00 monthly PITI and also adding 8k to the top of the loan for mortgage insurance.

Based on a value of $165k, 75% LTV would make your new loan amount $123,750.

FHA is only really the better option for poor credit - otherwise a 5% down conventional loan is cheaper and less stringent.

I already used up my VA loan on two properties in Washington state.

of course this is a correct description but lets talk a bout reality.very few loans for most investors will be non recourse unless they are very large loans but the average under 1mil loan 97% of the time will be full recourse unless the lender is not ready for prime time.