We want to limit our risk, and transfer the property over to an LLC once purchased.

@Zahsani KnowlesUnder contract does not give you any ownership rights.  

Some of the newer lists include Owners with Low Financial Stability Scores (FSS) or Seniors with Long-Time Ownership.

And now found that city is about 12 months behind with  title transfer recording. 

Estopple Letters are always recommended on any transfer of rental properties.  

Getting creative here: Would it make sense to Start an LLC, transfer the house and "Sell" one of our cars to the LLC, so we may deduct it as a business expense.

We setup an LLC and will transfer the title there.

I beleive you will have to afford and qualify on your existing income until you have 12 to 24 months of ownership to prove rental history of your own.

That would leave us with around $70k liquid cash.We rent an apartment month-to-month until we find a good duplex to purchase (ideally within 1 year).We house-hack the duplex until we accumulate enough cash to buy a SFH for ourselves (3-5 years).We retain ownership of the duplex and rent out both units.In my mind, this approach could "get the ball rolling", considering we can't afford to buy an investment property with our current circumstances, nor would we be able to for many years.What would you do if you were in the same boat?

And then, when the time came to cash out refinance, pay the money owed to the private lender plus interest and have the title/deed transferred to my name?