A down payment of at least 10% is advisable unless you have strong cash flow from stable income sources.

Once the home is under the LLC Ownership, am I able to deduct expenses/mortgage interest payments from my own personal W2? 

A more important question is how much is your PITI payment versus your $1100 a month rent payment (assuming you're going to rent the property) since you want cash flow.  

Either way you will need 25% of the down payment.

In addition, I had to pay an additional 1% down payment so that there was time for the loan to get transitioned to the final lending institution before interest accrued and exceeded the max approved credit limit before I had a chance to make a payment.

Don’t have another down payment saved at the moment but have some company stocks that will vest over the next few years that could amount to another down payment.

Also, you should be focused on constuction lenders who offer best leverage (usually those who will capitalize interest reserve &  finance a portion of the soft costs), lower floors on the rate since most banks tie their construction debt pricing to the fed rate, perhaps offer lower or no pre-payment penalty if the property reaches the permanent financing phase of the loan product before you are able to refinance and low or no required depository relationship outside of the actual operating ccount.

You'd have a payment of around $5500/mo, so you'd have to make sure that fits in your budget. 

Typically investment properties requires 15%-25% down payment depending if it's a single family or multifamily.

What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance).