Hi all.First let me introduce myself.My name is Victor, I have been living in the Austin area for 10 years now, originally from Spain.I bought my first home in Austin in 2009, and sold it for a good profit in 2013, when I married, to buy another home with my wife.Ever since, I have been wanting to invest some money in real state, mostly to avoid just having cash seating in the bank, and build some equity for the time when we retire.At different times we have looked at different types of properties, but for one reason or another we would just stop looking for a while and then start over again.Just a few months we started looking again, I wanted to find some investment property that provided some positive cash flow, but after talking with some friends, realtor, mortgage broker... it seemed that it could be better to find another property to move to, and rent our current home out, since we got it at a good price in 2013 and should get a good rent.Now, while looking for that, I found a house I thought had good potential with some renovations, and long story short, we ended up in a contract to purchase it.

However, I was told that banks would either not approve a loan to a newly formed LLC or that the rates would be much higher.

The bank countered 207.600 I accepted. 

I would like to know how should I start the process to find out potential tenant(fast food,Bank etc).

Best thing to do is know your numbers inside and out ahead of time and if possible through your local banking and/or real estate connections you might find out what the other motels recently sold for or what their appraised values are.

can you explain what you mean here?

Issues with Assigning a RE Contract (with BANK OWNED REO property)Many BANKS who are still putting out their REO inventory are refusing to allow for ANY type of language in the Buyers Purchase agreement which allows for the BUYER to ASSIGN their purchase agreement thru the Escrow. 

I recommend talking with Tony Guzman and Bank of the Sierra in Fresno, he can give you all the up to date info as they do a lot of commercial MFH's there. 

There is simply not enough room on that card to explain who you are, show you are legit, show what deals you have done, how it works, answer their concerns.Everyone simply sees DMM completely wrong and again it is just because some company into printing mailers spread the word this crap works.Tell me, how do you figure sending mailers 4 times works?

These loans are lower risk for the bank, the money is unlimited (they just go back to Fannie/Freddie for more), and you can find them at just about any bank.