Conventional loan How did you add value to the deal?

Yes you do have to pay PMI when you do this but once you hit 20% equity you can get it removed if you buy with a Conventional loan as opposed to an FHA loan.

You just have to make sure you're using someone that actually knows what they are doing and not someone that throws it to a lender that specializes in Conventional Loans.

I would recommend reaching out to @Denver McClure as he may be able to help with a non-conventional loan

Conventional How did you add value to the deal?

If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying.

If you plan in getting conventional financing, they will not allow you to use the LLC.

Quote from @James Hampton: How about a quick check before you have to charge a screening fee? 

Due to the creativity of the deal conventional funding is not an option.

Also I've heard of some DSCR loans that are not too far off from conventional rates.