A good commercial mortgage will want to see a T-3 reflecting the stability, so call it 3 months if you want good terms.

Standard 30 year mortgage How did you add value to the deal?

Do I just send in the mortgage applications to the RMLO, and they take it from there?

Somewhere along the line between Facebook, Instagram, and forums I think Quitclaims became the norm because people pitched them as if they are quicker or easier to record...there's no effective difference.To your other point, I would think that if your brother/SIL are on the mortgage and if they transfer to an equally owned LLC among 3 people (33.33%), and IF they are in a community property state, the argument would be that the "community" still has a controlling interest (66.66%) and thus a real change of ownership would not take place even if transferring that property to an LLC. 

The home I have on the property currently is on a 30 year refinance mortgage.

If you had a spare $150k I assume you could lend it to the buyer if they got a $250k mortgage if the lender would let you.

I’m currently running into the same issue, trying to get a mortgage and only using my income (not adding wife to add more mortgages/rentals later).

Meaning, if a regular mortgage would allow 5% down with 2% interest rate...well, then there's no reason to go to any of these options.  

Less our OpEx (mortgage, taxes, insurance, utilities) and CapEx allocations, this property cashflows roughly $3,000 monthly.

Here are a few below:Generally, buying through your personal name can reduce the interest rate - commercial rates on LLC mortgages are usually higher but you can research thisMost LLCs on incorporation don’t have any credit so it may be difficult to find. a lenderIf you own the property in your personal name you are exposing yourself to more risk and will want to transfer the property into LLC as soon as you canIf you own property in your personal name and transfer to LLC the lender may not allow or can call the entire loanLLC or personal ownership you need insurance.If you search the forums for this topic using the magnifying glass feature in top right corner of your screen on BiggerPockets you will find a lot of discussion on "Quit Claim" "Buying through LLC", "LLC or not" etc....