I assume it is already rented, if not you will already be behind when you close on the home unless you find someone to rent it ASAP.  

Honestly, if you are going the fanny/freddie route, I think you have to close in 'your' name and then you can move it to an LLC.

And they have to be in place prior to the closing of your sale. 

Additional Question:Is it possible a lender give you a close to a primary residence interest rate for your investment property ? 

I'm afraid this is the cash you are expecting at closing.

If we come even close to our budget at the end, we will have solid equity on paper.

Hey Gino, I would start by looking at reviews, previous closings, etc..

Once you know the reason(s), for the flooding, then you'll be able to figure out a solution.I'd also strongly suggest that you don't re-finish the basement until you've determined the cause of the flooding and fixed the problem (last thing you want is to re-finish the basement, and have it all ruined again by another flood).I'd suggest first watching some videos on youtube on flooding, drainage, groundwater, french drains, sump systems, water catchment systems, etc, just to give you a better understanding on what can cause flooding, and what types of fixes might work. 

I worked for a nearly century-old trucking company, YELLOW FREIGHT, which closed in August 2023.

Financial Peace UniversityI am a 2X student of Financial Peace University and I have sat through the class and watched the videos.