Thanks Aaron  Okay so they have told you at the bank that you can have a HELOC for 155 K?

that most likely, a bank wouldn't finance this purchase to begin with. 

Networking is going OK so far, setting up LLC, found a bank lender. 

And I found a place that was bank-owned and seemed decent.

I believe one of the first roadblocks is when the bank appraiser discovers what you found out (non-conforming zoning), they will not lend on the deal. 

How easy would be to transfer my 4 rental properties to the LLC? 

Most are reluctant landlords (like me) but then I guess that's better than the absentee landlord  :-)Keep up your spirits and surround yourself with positive people because another the rent day is around the corner and you get to smile on your way to the bank.

And that's why you can manage to get great return on you investment even if conditions are not ideal (i.e. cash neutral property where bank debt is still being paid down). 

The answer to your question is risk.Did you ever notice when you really need money, banks say no, but when you've got money they're looking to give it to you? 

If you cannot obtain these from the seller, then you will either need to construct them yourself from piecing together bank statements and receipts (sounds fun right?)