I'm concerned about having my cash "trapped" in the rehab for too long though?

We combined have good incomes but I'm concerned my LLCs will make them think we're too risky (I own 33-55% of four houses and my own house with a renter in my home, all are doing well financially but I ran into this problem of really having to search with getting my own mortgage because they looked at only my percentage of income but all the debt as risk). 

My concerns are: If I buy a place with the intent of renting, are the interest rates and down payments high on home loans?

I am an extremely responsible, and genuine person looking to pursue passive income and financial freedom, however, I do my due diligence and am hopeful to find hard working individuals who can be honest with me back and genuinely helpful. 

Personally, i would not be willing to got to that extreme for several reasons. 1- dealing with the city, inspections/permits, and contractors you're talking about serious renovation.2- is the RETURN worth the investment?

The entire market is hot and extremely competitive.  

If your concern is cash flow only, I'd do it for sure and have thought of doing it myself.

That property sounds pretty extreme.

I highly recommend @Scott Smith out of Austin.He understands LLC establishment and implementation extremely well.Happy to speak with you about my experience with him.

I am definitely extremely appreciative of my parents for allowing me to be in this situation.