The LLC helps when you are trying to do things like turn on utilities. 

Fully furnished, with all utilities included.

Are there any strategies here to utilize bank funds for our project?

There are two main ways to utilize this exemption.

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

If you made housing free the same bleeding hearts would be complaining about utilities.

BUT, get a solid quote on utilities.

In Chicago you request a CHA Burden sheet and that gross number minus utility allowance will be what you get in addition to making sure bedroom size is adequate.  

all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).