As far as money, most banks will not lend to an LLC unless it's a commercial loan.

At the end of the year if you bank your cash flow you are looking at roughly 5k where as if you refi your cash deal it has potential to be substantially more cash to buy another at a quicker rate assuming all goes well with rehab.

We had agreed on a price and I had already gotten pre approval for a loan amount that exceeds the sale price but when the bank found out it was a half plex they denied my loan.

Due to impact of HARVEY in Texas, my mortgage bank is offering "Forbearance Plan" for 3 months.

Rates are low now and private lenders are getting less than 1% in the bank.  

Sounds easy enough but the bank doesn't want to play along since this is now an investment property.  

I called several banks to see if I could refinance shortly after purchasing but banks are telling me that they will only give me 80% of what I paid for it, not what it would appraise for.

There are "piggyback" 80-10-10 loans where you out 10% down, the first lien mortgage is for 80% then the same bank will do a second lien home equity loan at the same time at a slightly higher interest rate.

Great information Justin, thank you for explaining so thoroughly. 

Great question, First let me explain that I manage my own properties (36 properties, with a total of 47 units), all located in the Battle Creek, Mi.