My buyer had a preapproval from a bank that is notoriously slow, and seller wouldn’t accept an offer from anyone using them. 

We're using Primary Bank for the lending process.

A good amount of banks I spoke to only were interested in HELOCs on primary residences.IAny suggestions would be appreciated.

So I'm a beginner in the real estate business and i read the book and feel i want to take the REO or foreclosure route. So with that being said how does the REO process work once you find a property that you are inter...

Check the local banks and credit unions. 25 year amortization is more typical for a loan that size so I would make sure 30 yr am is accurate.

BTW, most people don’t realize it but loan officers at  nat’l banks don’t even have to have a mortgage license, they operate under the bank. 

They will reconcile bank accounts tho.

So I got the mortgage under my own name.Now I spent sometime reading some articles and think I really should separate rental property income transaction from my personal transaction.My questions are:1. is it ok If I form up a LLC just to receive rental payment using the LLC bank account and pay property management company?

Shop around to local/regional banks and credit unions.

I do not know what the partner is willing to take for his interest at this time, but I think he is trying to replace the worry and stress of ownership with a lump sum in the bank.