. :)There are already efforts underway to allow the underwriter to pull bank statements, paystubs, etc, directly from the institutions so we aren't waiting on the borrower.

So, you want them to not use the AIA system most banks use is this correct? 

Before you close on 7/20 make sure that they transfer the deposit that was made by the tenant at the beginning of the agreement.

Some are automatically transferred from your Cash Flow expenses (water/sewage, insurance, property taxes) while others (electricity, HOA fees, etc) need to be added by you within the Rehab worksheet.  

You should be fine to do this, but when you look for financing you will likely need to go to a local/regional bank or credit union not a big national bank.

I also have a bank account and credit card using the current name of the LLC.I'm happy to provide additional details if needed.

We look at it like a potential buyer, not an investor who sometimes banks on the property selling toward the range of the higher comps.We don't "send you how to books and tapes" We have a trained staff to help you work on your business- a deal desk that you can call to review any property you have under contract, a compliance team to review risk factors, construction project managers that will vet your contractor bids - in addition to the resources that help you learn THIS SPECIFIC way of evaluating deals- finding the types of properties that do qualify for low or no cash to close.

As it turns out, not much rentals available, so the prices have gone up a bit.....A Few Lessons Under The Belt:1.Not ever bank like financing fixer uppers. 2. 

I am able to put up 30%, but the banks (small, local ones), and even online lenders, want so many months-years experience, which I dont have.

But in this case, what reassurance must be given to the seller when posing this option to them, as their name remains on the loan and they transfer the deed over?