For Conventional, you can only use 75% of the gross rent until you have Sched E history for the rental for a net rental income analysis. 

Prices have increased (higher terms/rates) as the fed rate has gone up so you have seen people who could get 8 or 9% now in double digits.

I do not have a traditional W2 job so I can't pursue the typical conventional loan or a FHA since I don't have income (hence the DSCR route).However, I've seen that most DSCR lenders do not lend if the loan amount is less than $100K.

Conventional Financing How did you add value to the deal?

I see little benefit in the FHA as an option as long as the 5% conventional loans are available now.  

For investments, you'll likely want a conventional loan for commercial properties.

9) adding multiple ADUs or adding an ADU to a quad looses F/F conventional financing.

Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?

If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying.

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options.