Our planned purchase would both NOT be dependent on the sale of our current home, but would also NOT use the income from our current home.

an agent is representing a seller he makes zero money of leasing (well maybe some depending on the state?)

Hey Tate, here's what my commercial lender @ US Bank uses for pro forma debt coverage calculations if he doesn't have 2 years and YTD historical data (basically, seller's schedule E's)Vacancy: 10% of gross rents, unless there is sufficient market data at the bank's disposal to justify lower vacancy rates for the type of asset in question, OR detailed historical vacancy data from seller.Management: 3% gross rents or actuals, whichever is higher, with property management agreement provided to close.Cash Reserves: 3% of gross rentsTaxes: Actual data used.Insurance: 3% of gross rents, or as shown by insurance policy.Operating reserve: 20% - 25% depending on the type of asset and amount of historical data provided.

Down the road I’d shoot to house hack just outside of Boston, but my option is strictly flips for right now (possibly BRRRR depending on Mortgage options)

I want to try and get as many contacts as I can because from what I’m hearing it’s always good to have different lenders depending on the type of project.

GusI think some of it depends on your personal preference. 

@Roston ElwellSection 121 is the code section that allows you to exclude $250,000/$500,000 of the capital gain on the sale of a personal residence depending on if your filing status.Section 121 requires you to live and own the residence to take advantage of the exclusion.You will satisfy the requirement of living in the house.

It all depends on the numbers though.

Depending on taxable income of the LLC, your dad's other taxable income, projected growth of the business, and your dad's goals for the business, an election to have the LLC taxed as an S Corp or a C Corp might make sense now or in the future. 

That's a decision only you can make, depending on how much risk you're willing to accept, how much risk you're willing to buy down, and how much you're willing to pay for it.There is no "One Size Fits All".Also, it kinda depends on what the numbers are.