Their default procedure is to wire transfer funds but since my bank, Wells Fargo, charges $15 to receive wires, I asked if they can send me a cheque image instead so I can mobile-deposit it.

You can charge them a rent and sign a lease for 30 days max taking a deposit.

To give you some background, my experience with mortgages in my lifetime is limited to 3 transactions (conventional) related to my past and present personal residences, as well as 1 refinance.

Conventional loan How did you add value to the deal?

Conventional loanHow did you add value to the deal?

@Olu OwasanoyeIf you are buying this property as a primary residence, I cannot make this any clearer...YOU WILL NOT GET CONVENTIONAL or FHA or VA FINANCING IN A LLC. 

You can get a commercial loan, 5-10 year balloon, you can Not get a conventional loan, 30 year term with no ballon, in an llc name.  

I was told when I purchased the property by the seller that I could possibly charge the business rent for using my property for business purposes.

@Don Carey I manage over 300 rentals and would love to take on a job like that, assuming you agree to compensate me for the time.If you purchasing the property through me, I would obviously perform all these tasks as your agent during the due diligence phase.If you were buying through someone else but asking me to manage them, I may still assist in an effort to prove myself and win your portfolio for property management.if you were asking me to assist but not using me for the purchase or the management then I would charge you a premium for my services, probably $100 an hour.Let me give you some free advice and say you should be careful when establishing a new relationship.

With a conventional loan, you could absolutely get into a SFH and rehab it with 30-40k in the 6 month timeframe you noted.