Be prepared for it is the conventional wisdom and I think that is extremely good advice.

Conventional loans may want 20% down (though you can find ones with less), but you may qualify for an FHA 203 loan, which allows you to only give 3.5% down (though you'll have a slightly higher interest rate).Like I said, it really comes down to the cost of entry around you.  

My thoughts on faxing - these days faxing is nothing more sophisticated that a digital signal of content being sent from one IP address to another. 

@Mani Swagath You can only get 10 conventional loans per individuals.

They are conventionally financed with both myself and my wife on the mortgage and the title.

Would a bank even allow an LLC to use a conventional loan?

You should be thinking about making high 5 digit or 6 digit income.  

Also, the commercial side is SO much easier to deal with than conventional.

They are a solid low rates/low fees internet originating conventional loan provider.  

I have a good conventional renovation lender if you need a referral, As the buyer you have to qualify for the loan like any conventional loan then submit repair estimate and a subject to appraisal for project review.