That way you are protected against rate increase.You are in a good position to refi the FHA to a conventional and get rid of the MIP.As long as you are reporting the rental income on your tax return, you will get rental income credit to offset the mortgage.

I had tenants sign a credit authorization form, sent an invoice each month and used my Square account which direct deposited into my account within 24 hrs

No credit is available, but yields are 10-14%.I'm curious about the general attitude towards these kinds of transaction from American investors and other real estate professionals.

So far in contacting local banks and credit unions, I have learned that credit unions won’t finance to an llc and banks are pretty limited.

I had initially planned to finance the rehab with cash and creative financing (lines of credit and such), and then financing it all through a bank.

I have no one to blame but myself for not participating in financial decision making, carrying credit card balances, being ignorant of our retirement savings and mortgage details, having no personal plan for my own financial future, and never creating a budget.

Is it ok for me to use a loan or low-interest credit line of my own to pay the mortgage on the duplex before I get renters in it?

It's cash in pocket or a credit card swiped on my Square Reader when I collect rent.

I have tried with two smaller lenders(National Bank of Arizona and OneAZ Credit Union) and they have both dragged it out for several months before deciding they wouldn't do the loan for what I perceived to be fairly silly reasons(Management didn't like that the tenant had only been in for 1 year, Management didn't like that the structure used to be a residence, management didn't like that 3 years ago I took a loss in a completely unrelated business etc.)I am hoping that someone out there has had some success purchasing or refinancing commercial property like this in AZ and can put me in touch with someone who actually completes deals like this.

I have great credit ~790 (last I checked).