Now the property is about $300,000 as per Redfin estimate and I still owe about $150,000 with the bank on this loan.

If not, you can't buy in an LLC unless you are paying cash or using a local bank who knows you and is willing to use your account as collateral for a new LLC without two years of tax returns.

@Will KingYes, Titan Bank is a good option in addition to Solera Bank.

So, I fail to see the land buying opportunities for these types of situations in general. 

Be the bank.

I'm not sure about National banks but I have spoken to two regional banks who theoretically will allow it. 

Ask yourself this, if someone offered to handle all of the property maintenance, watch the property, place the tenant, handle rent collections, deliver rent to your bank account every month, and deal with any inspections and nuisance issues and they were asking for like $30 to $40 per week would you pay that?

I have called 20 banks and no one does a 1st lien on investment properties except 1 stated they would if owner occupied.During the research I read a website, which stated that 1st lien HELOCS on non-occupied are illegal and not allowed by Federal Law.Anyone know if this is true?

Secure a credit facility with a Hedgefund or bank and lend that money out..

Now I'm faced with a choice: Buy for 10k more than the appraised value and get good ROI but start my real estate journey underwater, potentially move into another REI property, go to another bank and hope for a better appraisal price or walk away.