He doesnt want to be a landlord, wants to get best price and put the proceeds in other investments.

Let them also explain falsifying financial records to try to make their actions seem reasonable. 

I have a property with a purchase price of $36k and the ARV is $135k.

I am really trying my hardest to purchase at least 1 other property this year, ideally 2 more.I am looking for slightly distressed properties in the 50-120K price range (yes it's possible), should I look into borrowing money against the condo?

Because, you are partially correct, investors look for distressed or under market value properties and often make multiple "lower" priced offers.

My reason for NOT doing that LLC quitclaim is that in 10 years when I am sitting on a ridiculously low rate from 2015, the bank that has NEVER called a loan due in the past MAY change their minds if the current interest rates have returned to historical norms.For those reasons, some choose to purchase in their own names and protect via both leverage as well as liability limits as well as umbrella policies (and not LLCs).

We don't often ask for explanations for second home unless there is a reason to. 

Hi Anna, What price point are the properties you are targeting? 

Create & define your Buy Box and then find properties that fit.Make offers that make your numbers work, not the asking price.

If the report is from a reputable credit reporting agency and includes all the information I require, I see no reason not to accept it.