Bought it off of Homesearch won the auction site unseen for 23,000, go to see the house and estimated 25000 worth of work to get rent ready..spent about 25 to 27000 on the rehab, so right on budget.. paid cash borrowed 20,000 personal loan from bank.

But point is that banks are completely OK with this as this is a common practice with estate planning - moving assets into trust that is LLC. 

Months ago, he asked me to find out what kind of rate I could get with my bank on a 30-year fixed mortgage, which was about 5.5%.

In this scenario when you refinance do you go through the normal process of refinancing where a bank would look at your loan terms/house appraisal and decide if they want to take it on?

I've recently talked to about a dozen local banks and credit unions, and it was difficult to find one that offered a LOC on an investment property. 

Also what kind of financing would I be looking at from bank?

Newbie needing advice on loan terms from a local bank.

@Violet Minnella, I have not specifically used the program that you are talking about, but my experience is that they are only really good for insurance and banking and they are not nearly as competitive in those areas as they used to be.

You might not even qualify for 6% bank financing. 

I don't have very good credit, but recently I sold my house and have a little over 200k in the bank.