Your lender is not allowing placing the lone in an LLC's name is most likely because the loan is a conventional loan being underwritten using Fannie Mae guidelines.From an asset protection point of view you and your other assets could be exposed if you are sued. 

I've seen anywhere from 3% ownership to $50k cash to zero incentive since the KP gets to earn Fannie Mae/Freddie Mac loan experience. 

It shouldn't be an overlay that a bank would have over the Fannie Mae rule.

You can do a Fannie Mae loan X 4 - 1 for each duplex if on separate parcels?

I’ve been researching Fannie Mae smaller apartment loans.

But, really, non-qm isn't ready for the big leagues, and the solution for the self employed person (most common non-qm applicant, they all have the same story: "I commit tax fraud or have a stupid CPA" "I have a lot of write-offs") remains "be honest with Uncle Sam when it's tax time, if you want to borrow money from Aunt Fannie Mae within the next 1-2 years, and also stop committing tax fraud or using the services of a stupid CPA."

It also looks like it may have gone to a sherriff's sale in 2013 and got bought by Fannie Mae, who then sold it in 2015 to someone, who is presumably the current seller.Until I knew different, I would assume:- you need to replace the roof (shingles), and possibly the wood under the shingles too. 

First off, this is a Fannie Mae property that has been on the market since May (wondering why).

What's even better if the first one you use FHA (use the 203K to renovate the house on the bank's dime) and then use 5% down Fannie Mae for the second one and then start doing conventional loans until they tell you you can't have any more.  

It's happening again.360 Mortgage Group plans as much as $1 billion in “NINA” loansIt’s important to note that despite the loan carrying the “Agency” name, which would imply that one of the government-sponsored enterprises is backing the loan, neither Fannie Mae nor Freddie Mac is backing these loans.Initially, the loan will be available for non-owner-occupied investment properties only.https://www.housingwire.com/articles/48810-no-income-no-asset-mortgages-are-back-at-one-lender-at-least