Correct, the lender can be physically located in any state so long as they have an active license to originate loans in TX. 

I'm trying to find the right lending product (fixed, long term) to wrap up at least #1/2, pull a little cash out, and use equity repeatedly. 

I would recommend a Freddie Mac product called CHOICErenovation.

I hope everyone has a safe and productive week.

Duplexes, triplexes, and fourplexes have different down payment requirements with different loan products, so get on the phone with a lender and ask a lot of question.

Not sure of the advantages of buying under the LLC will be when you can most likely get a more favorable loan product and lower interest rate with a personal mortgage rather than what will be a commercial loan under the LLC.I'd suggest picking up a househack 2-4 unit property; you all can live in 1 unit and rent out the remaining.

She skipped out without leaving a forwarding address although she is self employed and we seem to have her correct P.O. box address for her and her business(business does not have a physical location). 

Work with a lender to figure out how much you can afford, what the best loan product will be for you, and what the cost-side of the transaction will look like.

Try to talk to them and do a physical inspection which includes checking their books too.

@Tein Hlwa - there are renovation Loan products where you can finance the cost of the renovation as part of the loan.