What will banks require?

They usually require being renewed every 5 or 10 years and the bank can close your line at any time.  

Create the seller financed piece as a $50k second lien mortgage at an agreed upon rate, and explain that you’ll pay down the $50k note to them (which they’ll be earning interest on) and after a year or two (when you can shore up your credit/income requirements) you’ll get everything refinanced into one loan so that the seller and the original lender are paid out.He’ll collect interest on his $50k before being cashed out in the future, and you won’t have to go through a bank.

Banks do not have a choice on this number with this loan type.

Try Republic bank, local privately owned.

Or can I just do the LLC and a bank account and separate email address for contacts?

Better than a bank I guess.

Although it did not make sense for me at the time since a shorter time frame increases the monthly mortgage payment, the bank accepted the deal. 

He is a lender in the area whose bank I believe does not have any internal overlays to Fannie guidelines.

@Nick Weidner In my experience, if you buy a property at a 20-25% discount of the market value, you shouldn't have to put any money down since it meets the LTV ratio that most banks are looking for.