I've been looking at sites that auction bank owned & foreclosed homes.

My credit union has offered me a great interest rate for a secondary home.However, they stated that the bank will not allow me to put the property in an LLC, after the purchase.If I can purchase this property with a great interest rate, can I refinance, after a year, with a major bank, and place that property under a LLC?

Daniel Banks I’m not sure if what you’re suggesting in the original post is possible.It might be but if it is that’s a lot of moving pieces.

However, it does not always make financial sense to empty and gut the building to carry out a deep retrofit (and even when it does, that initial whooshing roar of capital flying out of your bank account can be unsettling).As of late, we have been purchasing rather, to very, unloved buildings with plans to (eventually) perform deep retrofits on many of them {where the increase in the property performance will pay-back the investment in a relatively short period (say 3 - 6 years) versus the planned hold duration (i.e. 20yrs).   

Get a copy of the lease, if there isn’t one get an estoppel agreement w tenant, verify previous rents to current owner via bank statement.

So most seller financing takes place on properties banks no longer finance, think 75k and below.

Plus, they understand that $ in the bank in pre-paid rentals is better than a signed lease.

Will be moving soon to a (annoyingly) HOCL area for career and to be closer to family.Based on career/projected income, was offered a 0% down, no PMI, owner-occupied option (Rate is ~4.8%) from a bank we have a relationship with.

The issue is The bank ( atleast anyone I talked to) wants to see year long leases NOT -month to month .

I found US Bank to be very receptive to my HELOC needs.