Keep in mind though that if you're using a conventional residential mortgage, like you would when buying your own home, you aren't going to be able to buy your investment property in an LLC.

I am not a wholesaler but I do deal with them as an investor and what I can say about the advantage to a seller is the speed of close because a good wholesaler will have an inventory of investors that can make decisions quickly and close deals fast (e.g. cash close in 10 days or less in as is condition), when a seller is in distress and needs to get out of the property for whatever reason.

Prices are up and inventory is low.

They are considered by lenders to be "personalty" (personal property), not realty (real property).That means that they cannot be financed with a conventional mortgage. 

I want to sell a wrap mortgage around my existing conventional loan on a rental house. 

Conventional loan - 20% downHow did you add value to the deal?

@Felicia Hamiltoncommercial is a non-conventional loan. 

Will the rent roll cover my mortgage and expenses if I purchase a 3 bedroom for $175k-$200k with 20% down conventional mortgage?

That and my wife's much smaller income would provide cushion and runway for future entrepreneurial opportunities, taking lower-paying W2 options that have higher long-term potential or are just more fun...and worst case scenario this would be more money to save and snowball....What I have to work with is about $200K in mutual funds and 4 doors (two 2-bed SFR owned free and clear each renting in the 600's, and a duplex mortgaged conventionally) that are all nicely cash flowing and gained equity in my ownership. 

So family, if anyone of you are aware of any local or national mortgage company that is willing to do a conventional loan on a SFR with 15% or less down payment requirement, please PM me your info.