We spent almost all of our free cash on the down payment, we went with a conventional loan putting 20% down with a community bank in the area (which also happens to be my employer). 

I have spoken to several banks in the local Chicago area about loans for LLCs. 

Make sure they are capabile of cleaning up and getting a bank mortgage.  

I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

Would it be worth it to visit GA and try to deal with banks there as an out of state investor, or just go through Chase or a large national Bank?

Please PM me with that bank and the loan officer's favorite brand of Scotch.With a 4.25% rate your P&I is going to be $807/ month, bringing your monthly expenses to $1638 and your cashflow to $62/month.Based on these numbers this is not a good deal.

Scotty Lindley and Anthony Sandoval who are now with First National Bank Albany/Breckinridge were the bankers involved.

Essentially your LLC has become the bank/hard money lender/etc.

It's been 2 years now since owner passed away so I would have assumed bank would have foreclosed on it by now but county records still show the deceased man as the owner and the tax bill is still being mailed to the house in the owners name.

Later we got financing with a local bank.