However, for liability purposes of operating a rental and because we plan to acquire more rentals in the future, I imagine we would quit claim again after the long term financing is in place into an LLC with my wife and I as partners.

It acquired a credit bureau in Chicago in 1969.

Refinance as an owner occupantMy other options are to buy a small condo (probably only a one bed) or just wait until I have more capital acquired to get a conventional bank loan...I am so so ready to jump in & will consider any creative financing ideas...I know once I have a property it will be an income generator for me!

An attorney is not required but one can be used if you don't mind the additional cost.  

I just saw an 1846 built victorian that was "codexed" into two separate units, on a 12,000 sqft lot which used to have a barn structure, and the agent suggested the best value for the property is a flip with the addition of resurrecting that structure (with approvals - this is a historic district) and turn it into two more condos in the back of the lot.

Leave 5k in case of additional repairs needed.5.

Or do I just file taxes like normal and claim the rent as additional income?

Additionally, I'm reassured by those of you who suggest I can extract up to 80% equity as I'd read it was more likely to be 70%-75%, although that will likely differ based on property type.

Additionally, ask them how long they have been managing properties and what types of properties they've managed.  

I know this may not be the most accurate but for the examples sake:Private money loan of 65K acquired at 8% interest only payments of $433 for 10 years.Purchase price of 60K and out 5K into it.Do Contract for deed at 84K with 4K down at 8.7% for 15 years for payment of 803.58.Collect difference of PM loan and payment of $370.I'm sure it's not this simple and probably left out some parts so I welcome all advice.Thanks!