So, the seller gets the benefit of charging you a higher interest rate for a loan they did not originate. 

Legal entities aren't eligible for conforming loans. 

And if you dont actually do that, as @Matthew Paul said, the Baltimore States Attorney was just arrested and convicted of mortgage fraud for not meeting occupancy requirements of a loan for a property on a short term rental.

The refinance itself, will be treated as a loan purely to be paid back by the LLC over time.It is best to speak to a CPA or Lawyer pertaining to this first and foremost to properly discuss the private details that should not be shared online. 

One caveat: doing this created a situation where it was difficult to get loans because one of our LLCs is a "checkbook IRA"- seems the nonrecourse lenders mostly don't like having a non-IRA partner involved.

With $30K as a first time home buyer, you can put as little as 3% down with conventional loans up to certain loan amounts.

We have no problem with 1-4 units and know how to finance larger complexes (anything with a loan product larger than 1MM). 

I just recently purchased my first home for $505000 with an FHA loan.

The first option gets me experience right out of the gate but I fear that with not much cash flow, it could hinder bank loans but I shouldn’t be showing any negative cash flow.

I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan.