This marks a departure from the previous multifamily financing requirement of 15-25% down payments for duplexes, triplexes, and four-plexes."

Getting started here requires action above all, so don't spend so much time worrying about entities and taxes.

Some states require a release form to cancel the transaction.

It’s not a secret that real estate investing requires a keen eye for opportunity, a dash of risk-taking, and an adventurous spirit.

Best you can get would be 15% down as an investment property or if you can show proper intentions, you could call it a Vacation home which only requires 10% down as long as it is a (SFR - single family).

Or put the 88k in, refi out of the HML which requires you to come out of pocket quite a bit of money as well, and hold it long term which on paper may eventually make you whole.

In fact, the law requires the landlord to maintain the home and your policy may not even be legal.

Verify all utilities are transferred & rental insurance obtained (if you require)6.

Buying a $100k-120k house that requires renovation for someone that has no experience renovating or operating in that out of state market is a great way to set a pile of money on fire.

It seems like a hard money lender typically a private individual or venture firm) would be the only route to go since they are a little more lax on lending requirements than a conventional lender.