The bank of course would want to see that there is adequate income to make payments, whether it is your personal income guaranteeing the loan or if it is from the LLC. 

Or maybe just a walkthrough with a GC is adequate? 

I say this because with 20k your options are fairly limited and you need adequate cash reserves to properly do REI. 

If the property cash flows well enough to cover the lenders debt service coverage ratio, and you have adequate liquidity, you should be able to qualify.

That means that I have to either: have enough cash to make the purchase and do the entire renovation (I don't) or move into a house that isn't yet adequate and live in a major construction project for the next 6 months (I don't want to).Is anyone aware of a lender that will do a cash-out loan without requiring occupancy prior to closing?

I will also create an upfront operating account fund to cover any unexpected issues that occur before I build an adequately sized reserves account from the ongoing savings. 

It sounds silly but the courts only cared about whether there was consideration --- they didn't necessarily care if the consideration was "adequate." 

I want things to cash flow adequately now and appreciate eventually.  

People who have been driven from their homes need things like dry goods, baby formula, water, diapers (for children and adults), toiletries, feminine products, blankets and jackets (cold weather is upon us), undergarments, shoes, gift cards for goods and groceries etc.The thing most people don't realize is that those who have lost their homes are looking at 2-3 years before they can rebuild, assuming they had adequate insurance to even rebuild at all.

I almost purchased a two family with 2700 square feet seven years back for ~$900k - now that same home is probably worth at least $2mm BEFORE the coming "Amazon effect"second choice would be a non-landmarked 2-3 family house not more than .5 mile away from the 7 train. third choice a smaller multi-family building. cap rates will be low in 4% range but if you can hold it for 5-10 years with adequate reserves and money to upgrade, you will do wellhttps://www.zillow.com/homes/for_sale/Queens-New-Y...https://www.zillow.com/homes/for_sale/Queens-New-Y...fourth choicepre-war landmarked coop apartments in Jackson Heights. not an investment per se because you usually can't rent these out but if are an owner-occupant, these will do great. fifth choicea condo in LIC - these are already expensive and you'll probably have negative yield but IRR will be fine over a 5-10 year holdAs happy as I am for the Queens news, I was even more thrilled to hear about Nashville because it is the one and only place I have been out of state investing for the past four years!