I'm just at a loss because initially I was heavily advised against forming an LLC because of the lending concerns, and now I'm being advised to form one to separate the finances.I appreciate any advice and helpful tips.

I am currently preparing to put in an offer for a 3-family property in a highly desirable neighborhood in Brooklyn, NY.  Based on my numbers, the property will have a slight negative cashflow for the first 3-4 years, ...

I like the plan even though I believe it could be initially cash negative when accounting for all expenses.If the property is cash flow negative (i.e. costing you more than renting in a similar situation) why do I think it is a pretty good plan? 

They were high initially, but willing to negotiate.  

This then limits all business activity(other than the initial investment) to be with outside of your own control (i.e. you have no direct control over the investment itself). 

Challenges: I initially had a hard time getting the seller to fix all inspection findings, but in the end all items were fixed Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

For the initial purchase VA will only guarantee a loan for a veteran's primary residence. 

It comes down to entirely what the business plan was initially when the deal sponsors were buying the property.

@Ronald Allen Barney  I read this in my initial google search on the topic.

If u do a HELOC pay it back after each flip or if u do a refi just reuse your initial investment.