Of course you are still paying your PMI but your out of pocket isn't that much different than an FHA loan.As far as the rental income, unless it's a special circumstance, lenders want to see 2 years of proven experience/income from your units before they count it towards your income.  

Whether or not this deal will work out you are on the right track moving forward.

Hi @Jamal Pathan I was finally able to track down a lender that said they would be able to lend without turning the water on.

Hope you don't feel like I'm side tracking your post, but just thought sharing my story from the opposite side might also be helpful.Had a 3 package deal of which 2 of the 3 were rented and I told him that I would highly suggest having inspections done just for his assurance. 

Definitely use some form of (cloud-based) app to keep track of your properties, in a way that the financial and operational in's and out's are transparent to you and your partners.To that end Quickbooks Online has come a long way for financials.

Now you get to put your other sales hat on and track down a buyer. 

He better start tracking her down or he will never be able to sell this property. 

At a certain point you can start getting commercial loans against your LLC - but you must have a solid track record and then you can refi everything commercial into your LLC - But the loan terms are less favorable

Going back to what you said at the end, I find it will be an obstacle to raise money without having a track record. 

You're able to add text with either which is important to me, and they are responsive.Even windows live movie maker works well (transitions, effects, text, sound track) and is likely already on your computer unless you have a Mac.