That means each LLC needs its own state and federal Tax ID numbers.

but that would only be for fha loans or any type of loan involving the government correct??

Patrick Donovan 203k loans are great but essentially you are taking the equity out of the house and using some of that to repair your house. lol it's always a catch to something that's too good to be true......I found this out recently as I thought it was just money from a large sum of money the government gives out.

You have to get the building approved as a legal dwelling by your local government .  

Some other factors to think about besides the government legalities would be HOA requirements and how are neighbors currently reacting to STR in their neighborhoods.

Many "commercial" loans are non recourse, but not all.We have had IRA clients bundle properties with First Western Federal Savings, but the down payment requirement will be higher than 25%, most likely.Shop around, including here on BP and you should be able to find something.

That is how the scoring algorithms work.They are in "time out" for federally insured mortgages for a longer time period after a foreclosure than after a short sale.In many states, a foreclosure results in a deficiency, for which the lender can sue.

Navy Federal offers loans to people who "intend to occupy within a year" and another within two years.

While federal and possibly state taxes still apply to the distribution even when the funds are used for the purchase of a primary residence, the 10% early distribution penalty if you are under age 59 1/2 does not apply when a distribution is taken from an IRA to pay for certain first-time homebuyer expenses (subject to specific dollar limitations) (IRC Sec. 72(t)(2)(F)).A qualified first-time homebuyer distribution is any distribution received by an individual to the extent that the distribution is used by the IRA owner before the close of the 120th day after the day on which the distribution is received.

Good schools, decent taxes, hard working people,  and government employment.