Thank you for the information, do you think I should try and do the fannie mae loan under my new LLC or under my personal name since thats where all of my credit is established or does it even matter as long as I have the amount for the down payment?

This is why it's advantageous to establish a strong relationship with a lender.You're very unlikely to be able to have your LLC guarantee a loan without at least 2 years of successful profits.

Over the years we have established a good relationship with the cities.

All the little guys I deal with has never been an issue and the relationship has long been established!

Once your goals are established it becomes easier to put them into fruition. 

If it is allowed, the Broker will likely want to see the contract to establish the equitable interest before listing.

I personally will not be using that exemption for any of my investments until I see case law established for it. 

I sold a business a couple of months ago and I have about $350k to invest in rental properties in an attempt to establish a solid stream of passive income for the rest of my life - turned 26 last month.

I would look to invest with an established group or individual and learn as much as possible.

Your goal isn't to accumulate properties...it's to accumulate deals.You don't get a second chance, to establish your starting point with your funds.