@Molly Arnott I suspect you are correct that increased competition is what has lowered your nightly rates and bookings. 

While you can only have 1 FHA loan, you can have multiple 5% down conventional loans@Benjamin Sulka the self sufficiency test does play a factor in 3-4 units when using traditional fannie mae, freddie mac financing. 

FYI, if you're doing a conventional loan Fannie Mae and Freddie Mac changed their guidelines in 2023 to require that you own the property for 12 months (there are some exceptions like inheritance) before you can take cash out of the property.

Of course, Fannie Mae has an owner-occupant only "First Look" period. 

Agree you need a commercial lender, or a bank that keeps loans in house (portfolio loans).A residential lender that is selling the loan needs it to conform to Fannie Mae, and that's a non starter for an LLC.But for your first deal, it's also not a big deal to have it in your name with better and easier financing terms, and you can get a million dollar liability policy for a lot less than you will be spending with a hard money lender.

As a Realtor, I've been a part of many successful FHA 203k's and Fannie Mae Homestyle rehab loans. 

Fannie Mae foreclosed property How did you finance this deal?

Jaudon,You FHA 3.5% or Fannie Mae 5% down for any 2-4 Unit Primary home. 

Hello, I’m looking to see if anyone may recommend a lender or lenders who offer the Fannie Mae Homestyle Renovation loan.

Hello Everyone,Fannie Mae introduces 5.0% down for MF Properties as of November 18, 2023, aside from the normal 15-25% down.