I know Huntington Bank usually has promotions for them..

Would like to have the property in an LLC for liability purposes. 20% down is our plan. 

The property will need to be appraised, and that will set the value used for tax purposes on the distribution transaction.Work with your plan provider and CPA, both of whom should tell you this is a bad idea.  

Hi @Osiris Banks,Thanks for posting in the forums.However, we do not allow self-promotion, and posts looking for real estate agents tend to generate a lot of self-promotion from the agents on the site.We've locked this thread so it doesn't get filled with these posts. 

I want to do right by him and give him his deposit back as early as possible but for legal purposes do I have 30 days after the end of Feb?

Purpose of financing: purchaseType of financing sought: first looked/ing for traditional loan/mortgage but not having luck.

Purpose of financing: purchaseType of financing sought: first looked/ing for traditional loan/mortgage but not having luck.

As I noted above, your strategy is something that is promoted on the internet and is based on theory. 

Additionally, I have been given full autonomy to use the property for legal income purposes including partial unit rental, rv parking, storage, horse boarding... anything that offsets project or holding costs.

The purpose of the FHA loan is to increase home ownership for those who would not normally qualify for a conventional loan.