One of the BP podcasts in the past few months (year maybe) had a guest who talked about submitting offers on properties that were “flexible.”  Something like putting in a offer of $140k and will beat any other offer u...

Owning rentals in an IRA and titling them as your IRA, to me, could open your IRA up for liability. 

However based on what you've said he's taken on a lot of unknown liability.

@Kateem Aaron Guidelines are same for all whether self-employed or salary---lender look for income, liabilities and assets .

Some places will require # of years prior to leasing, applications, leasing term limits, and number of leases in a year.

Also, expect them to limit the rehab costs at 50% of your purchase price. 

I believe, Vista limits the size to 850 sqft "or" not more than 1/2 the size of primary home.   

I would assume you want the LLC for liability purposes but I am not sure if it is needed. 

You may not want the liability/headaches that come with being a landlord so rentals may be out of your interest whereas if you are just trying to maximize profits and earn cash in the short-term, selling & flipping could be more your speed.

Have you asked your credit card to raise your limit?