As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

Don’t forget heloc, DSCR, 2nd on primary, borrow from retirement accounts, credit card cash advance, property reserves, home improvement store credit, etc etc.

If you had good credit (670-730 range), you have 20% to make a down payment, and sufficient income to qualify for the home you want to purchase - Would you choose the FIRST-TIME HOME BUYER or CONVENTIONAL purchase option...which would you pick and WHY?

@Randall AlanRandy,I have roughly 1+m of funds, that includes open lines of credit.

Best places to look for a HELOC are often the small community banks and credit unions close to the property.  

So, you will need to stand behind the LLC's debt even though the debt will be in the LLC's name and not on your credit report.3.

I would definitely check Dunn and Bradstreet for any open lines of credit, liens, judgements and the like. 

I’d suggest starting with local credit unions or community banks—they’re often more flexible with investment properties.

The homeowner collects a NET/NET 5% yield with 1% increases each year in long-term lease by a BBB+ credit rated tenant (similar to Morgan Stanley credit).

Never in the history of the Federal Reserve have prices gone down for any notable period of time.