This issue came up because I actually may have a pre-buyer for the house (although I'm not banking on it). 

@Jonathan Cox the way i see it, and i may be crazy, is if your banking on a retirement account to save you when your 60 yrs old, you wasted a whole lot of your life away working for something that won't support you in the end.

After running comps, we could see that the property value was no more than what he owed the bank.

With all that said we have spent a ton of money for data looking at foreclosure rates, banking rates, where jobs are being created, where jobs are losing out, where schools are seeing rapid raises in enrollment, where governments at the local levels have been tax friendlier, where inventory on the open pubic markets are not meeting demand, and house transactions.

Problem we are having is that banks dont want to lend to an LLC without a personal guarantor but we don't want to have our names tied to it.

If the property is already bank owned, the old debt is cleared...EXCEPT for sometimes utilities, sewer, trash, and possible Federal liens. 

Our personal home mortgage- mortgage is only in her name, but the bank counted my monthly $ contributions towards our qualifying income amount.

I'm relatively new to real estate so I'm hoping you can offer some useful insight.Applicant 1: Excellent credit, low debt-to-income ratio, upper-middle-class income, very little available cash in bank account (cash is mostly in stock and retirement accounts)Applicant 2: Mediocre credit, better-than-average debt-to-income ratio, middle-class income, enough cash available to almost buy home outright.

My wife and I currently have an investment property in the Elk Grove area with 140k in equity and a home in North Oak Park with 90k ish in equity that we're currently airbnb'ing but would prefer to not have to go through the hassle of refi or pulling cash out with a traditional bank/credit union.Both have credit scores in the high 700's, low 800's and debt to income ratio of about 25% with a potential of being closer to 10%-15% if my wife finds out she passed the CA Bar this upcoming Friday!

There is no written contract to fall back on and any bank statements of the initial purchase are long gone.