The underwriters will be looking at similar property condition requirements (c4 or higher) of a conventional loan (no deferred maintenance or safety hazards which would affect value).  

You can use FHA with 3.5% down or Conventional with 5% down for a property liek this. 

Rock that for about 12 months and add some equity and then you could refi out to conventional so as you pay it down in the future the mortgage insurance will drop off.

I calculated her monthly payment is 1300.Since it is a vacant investment property where she will be taking a loss at sale and has been on market for 60 days, I am thinking seller financing may be mutually beneficial.I am planning to make 2 offers:300k with conventional mortgage.

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.

I cant imagine where you'd find better than conventional unless you have a crazy friend with a lot of money.   

So I'm basically trying to explore if i can borrow money in an alternative way than conventional loan.

If you're not using Hard Money and the property won't qualify for conventional financing, then you'd probably need to locate private money or if you have friends with IRAs, they can be self-directed to invest in real estate.

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

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