How much weight do you give to the cash flow benefit of cheap debt when the property is priced above market?

You are like many others who are getting started and unfortunately your generation is screwed because of the amount of spending is older generations have done and put the debt on you which also has led to record inflation.All you can do now is plan for the future and don’t force things but invest wisely when the time is right.

Well, I fully align with Marcus that the largest value of REI is equity growth via debt paydown and appreciation.

If you can purchase this home with private money or seller financing and get a $110k loan, then you could do a rate/term refi right after so do a 90 or 120 day note to secure the property and get it in your name, then refi into long term debt using the full appraised value. 

Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.

I’ve taken care of all my debt and am pre-approved for roughly $220,000.

For example, if your purchase price was $300K and the FMV at gifting is $500K, the recipient's cost basis remains $300K, potentially leading to higher taxes upon sale.You and your spouse can gift up to $38K annually per recipient (under the annual exclusion) without reducing the lifetime gift exemption.

When your LLC takes a loan, expect as members to personally guarantee the debt.

Otherwise, broker classes that lead to a real license are cheap.If you want to become a real broker, earn a real license.