I am having issues getting pre-approved through a bank as I only have one year W2 job history and two years self employment history, even though I have 660 credit 10K saved and we'll make around 70 K this year all income combined.

Our partnership agreement is that we both are responsible for the everything, 50/50.The question is, How do we put the title into an LLC, legally so the bank won't be able to call the note?  

A small benefit is separate bank accounts for property... although some people consider that a hassle, and therefore a disadvantage.You may also want to consider a parent LLC (holding company) that owns the child LLCs.

Used an ATM on the side of a local bank.

my bank only does 70 percent non-owner occupied.

Too many other debt sources without the red tape to deal with and expensive legal costs to close the loans.Credit union, bank, Life Insurance, Pensions fund, Private investor loans etc.

How can I find which bank holds the mortgage?

Banks will use 75% of actual rents plus your W2 income and then apply their DTI ratio along with credit score and all the other things that go into them determining if they will finance the deal.

He'll probably have it all paid off by then anyway.To answer your questions, I can't say that it is MLO originated because we didn't use a bank, but we did have an attorney draw it up.As far as servicing goes, there is no escrow.

Basically If I get a short term loan in order to pay for a property and then a year later go to the bank to get the refinance to pay back the loan... what if the market declines or for some other reason I can no longer get a refinance to cover the loan.Is that just when I throw my hands up and say "well, time to file for bankruptcy" or are there other options?