Not to get off topic, so I'll say it this way, a HML needs to realize that there are two issues behind the regs, your competetion and consumer protection issues.

We want to stay compliant with any IRS issues and work within the newly created multi-member LLC.

He might  consider  selling to you and saving some funds in his  bank and  using a reverse mortgage to  purchase the proeprty .   2)  for your side -if you need to keep the down payment low - using the  VA loan is a great idea ...already having a VA loan outstanding you might have an issue  using another VA loan . 

It is my firm belief that money will not be an issue if the deal is right.

This shouldn't be an issue for most DSCR lenders.

Maybe that lender has some sort of weird requirement regarding where the funds need to come from, but typically a HELOC isn't an issue....

One issue i will run into is funding since alot of dscr loans do not fund in rural areas. 

A full-time position just hasn’t come my way yet.I recognize that in theory, monthly mortgage payments shouldn’t be an issue since I’ll be househacking, I would just rather comfortably afford the mortgage if everyone somehow decides to move out at one time.

See here: https://store.biggerpockets.com/Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: https://www.biggerpockets.com/podcastIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I'm also looking to network and connect with more investors locally, so I'll shoot you a friend request and maybe we can link sometime.