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I am a 16 year old planning to form an LLC under my parents name in order to qualify for business credit to cover the down payment on my first investment property I will also pair the business credit I am able to qualify for with cash and refinance to pay off the down payment when the interest starts to kick in but I am wondering if when applying for a FHA loan on an investment property if they require income to qualify or if they will accept it because I will be renting and covering the mortgage with the rent and how that all works when qualifying and if this is even possible. 

You mentioned a house price of 400K and a monthly rent of 2.5K  If we calculate based on these figures, then your rental yield is only 6.25% (2.5K*12/400K)(2.5K×12)/400K×100% = 6.25% Generally speaking, an ideal rental yield is around 8%-10%Consider renovating and upgrading to increase rental income or using financial tools such as mortgages to optimize cash flow.

Our monthly rental payment from the tenant was actually less than our monthly mortgage payment plus we did about 10k of repairs plus depreciation.

Vinny - I would say that if you're next deal will be a BRRRR you have a couple options for finding the funding, including: 1) Taking a HELOC on your primary house assuming that when you refinance you'll payoff the HELOC, 2) You can also use a loan from someone else like a private lender (friends/family) in which you pay them 10-12% for the use of their funds, OR, 3) You can use a hard money lender in which the rates are a bit higher and there will be some points added as well.

You have many possibilities:Research Contract for Deed & Seller Carry back financing.If they were able to qualify with a non QM lender for the 1st Mortgage  you could possibly have a 2nd position loan with an equity participation component. 

I am in talks with a private money lender right now who is killing it as an agent and doing flips.

Looking for advice on these key points:-When purchasing property is it best to setup an LLC and have the title be in its name or simply both be co-borrowers on the mortgage?

Here's why I ask... if you're a first time buyer you'll face a difficult challenge satisfying lender guidelines. 

You can deduct a proportionate amount of your mortgage interest, property taxes, insurance, electricity, water, gas, etc. and you can deduct any expenses that are directly associated with the portion of the property that is being rented out.