With current LTV, the credit union says we have been approved for approx $48K.

If I have an LLC with 3 partners and we buy a $99,000 house, do we each get 33,000 on our credit?

@Kevin Uzelac If you want a long term hold, you need long term funding which will most likely be from a traditional lender.Start checking around with local lenders as well as national lenders and credit unions to see what it will take to qualify for funding for rental properties.

Also note that you have to improve the property, land, etc. so if you purchase a home or business for say $10,000 you have to also put a minimum of 10K into it for improvement.

I don’t know how to get money from an investor or a hard line of credit so I decided to come here to watch and learn.

In sum, you need to make some pretty substantial improvements (like almost razing the original building).

@Jon Mark, what does 'bad credit' mean?

But I do have good credit.

Unfortunately, it sounds like you would be throwing good money at bad if you try to do any improvements.

I've only dealt with a Credit Union and I'm only able to get 5 year term, 20 year amortization.