Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

Run credit and background checks, actually call the listed referrals, and ask for bank statements.

Most banks won't want to come in with a line of credit that is second lien on the property.

Look at it as a piggy bank. 

We're still waiting for the owners bank to let us know if they'll actually help us or not.

My question is: How do I properly take the interest that my LLC has put into the new LLC and give it to my person for the purposes of getting a loan from the bank through a refinance.

The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

Each program is a little different so it just depends on your situation and income.They are quick and easy though once you get your certificate you can work with any Bank or Lender that is approved to use those DPA's.

Also, banks typically use a valuation process that does not favor the BRRRR strategy. 

.- Strategic Partnerships: Building direct relationships with REO asset managers, bankruptcy attorneys, and bank liquidation teams can provide exclusive access to bulk sales before they go public.- Bulk Purchases & Portfolio Acquisitions: Banks and hedge funds often look to unload non-performing assets in bulk.