You can use either loan product as a second-time buyer of an owner occupied property.

As new unit construction came back on and moving, it is a loooooooooooong ramp up time to get back to production, go check out NAHB site data, we have shared it with the world for years, about a decade to ramp production back up.

You can rent these books from your local library and they are very helpful:Form Your Own Limited Liability Companyhttps://store.nolo.com/product...Your Limited Liability Companyhttps://store.nolo.com/product...Also, here is the info on doing it in the state of Alabama:https://www.sos.alabama.gov/bu...Typically if the structure of your LLC is relatively simple (only 1-3 members) and no special agreements, it should be pretty straight forward to get it going.

@Wyatt ShortThe 203k loan option is a powerful product. 

But like @Greg Scott was alluding to it is rather counter productive. 

If it's an investment property you could turn to a "commercial or portfolio" product which is based on the property's cash flow (DSCR) rather than your personal income. 

I'd bet there are buyers for this product in your market too.  

David Greene has a great process outline in the BRRRR book.

Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly. 

I am starting out my real estate journey and after reading several books, including David Green's "Long Distance Real Estate Investing (I am also from the Bay Area where real estate prices are crazy!)