I have a lender who can give me good interest rates on conventional or DSCR, I do not have any contractors lined up yet though. 

Has anyone worked with a lender who has actually closed an FHA, VA or Conventional Energy Efficient Mortgage?

The pros: - not having to do a major renovation from out of state- easier to get a conventional loan since the house is livable vs. a distressed property (would need to pay cash, do a hard money loan, some other type of financing)- can get a tenant in quicklyThe cons: - you don't know how good the renovation is, could be cosmetic without addressing underlying safety issues (plumbing, electrical, foundation, etc). - a home can pass an inspection but once someone is living in it and putting daily stress on the house (turning faucets on, light switches, turning on heat/AC etc), things can start to malfunction.

We no issues closing in an LLC, as a matter of fact most of my lenders will prefer it (assuming it is not your primary residence)Assuming it is not your primary residence, the easiest way to do this deal would be through a DSCR Loans.A DSCR Loan will use current rents or market rents if the property is vacant and personal tax return from you would NOT be required.It also referred to as a No Ratio Loan because your personal Debt To Income is not important.What is important is that the property can pay for itself.If we keep the LTV Low the rate for this loan can be better than a conventional loan.If you ARE Living in the property and you want to keep it... it would mostly depend on how motivated you are and how willing you'd be to "postpone gratification"The best bet is still a DSCR Loan.. which means you moving and renting the property out.We can bring in Asset Based Financing that can help with cash down (if you need it) or to pay cash for another property for you to reside in.Once you're moved out we can do the DSCR Loan at a 70% - 80% LTV or we can calculate a comfortable cash flow number.For example, max cash out that will give you $500 cashflow after a full PITI payment.Let's discuss more!

All 3 of us need to be on the mortgage with a conventional loan? 

Also, if you plan on doing rentals down the line, you could use non-conventional programs like DSCR that doesn't restrict you by DTI.

LLC’s are worthless until you tap out with 10 conventional loans you can get in your name with lower interest rates.

@Matthew T.Just like a conventional mortgage, owner financing involves making a down payment on property and paying off the rest over time.

Reason is there's been scams where landlords collected rent a year in advance, then disappeared without paying the mortgage.I had a nun's convent downsizing, from 500 nuns to less than 100.

There is little single-family inventory and anything typically considered a BRRR is usually torn down and redeveloped to maximize "highest and best use".