She reinstated the loan in less than two weeks and we sold it after a minor rehab.  

At $200+ a sqft plus a year of construction loans, I'm uncertain building in Phoenix area is a project I want to take on. 

We would like to own the property in an LLC so that the 4 kids can have 25% ownership each, and so 2 kids that have funds can loan $ to the LLC to facilitate the rebuild.  

Are you assuming any loans; or are you letting them continue to pay any loans they have on it and you just pay them?

You have many possibilities:Research Contract for Deed & Seller Carry back financing.If they were able to qualify with a non QM lender for the 1st Mortgage  you could possibly have a 2nd position loan with an equity participation component. 

We are also getting a forgiving loan of 30k for the duration of 10 years from the county for 1 unit if we rent out the 1-bed basement unit to a household with income less than 100k and at the rate defined by the city )(~1183+ utilities) for a 1 bed unit.

However, many businesses choose to report on-time payments, late payments, purchases, loan terms, credit limits, balances owed, and significant events such as account closures or charge-offs.

I’m getting stumped on how to get a loan that works.

The original plan was to live in one unit (as requird by the loan terms) for one year and rent out the other, then move & rent both units after the 1 year requirement (currently living with relatives).

You could also move into the Tampa property later on - although I would say this is a rare practice because people usually like to take advantage of the primary home loans if they are going to live in it (people usually live in, and then rent).