"Bank of America REO," "HUD REO," "Fannie Mae REO," "Wells Fargo REO," etc.

@Mollie Radden oh yes absolutely.

@Cian Hamill ok, then the Fannie Mae HomeStyle might be the best use for this property. 

Fannie Mae now allows you to put down 5% on a 2-4 unit but you have to live in one of the units.

We decided to finance this deal using traditional Fannie Mae/Freddie Mac financing for a second home, which required a 10% down payment.

Buy a 2-4 unit Multiunit using Fannie Mae new program of 5% down program which starts this week. https://www.biggerpockets.com/topics/1154617

Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Do I use the 1005 V.O.E. form that is used for lenders (Fannie Mae) or do I use another type that is for property managers.

@Thomas JulnesYou won't be eligible for conventional financing through the LLC(Fannie Mae & Freddie Mac Loans).You will likely be required to get a portfolio / commercial loan where you and your brother will be asked to guarantee the note.Best of luck!

@Morgan StellyHey Morgan,Here are the Fannie Mae guidelines regarding tax returns for less than 2 year's self employment. https://selling-guide.fanniema...There are non-qm companies that will allow less than 2 year's tax returns and allow you to use your most recent 1099 or last 12 months bank statements, but many still require the business to be up and running for 2 years.Hope that gives you additional information to mull over.All the bestStephanie