Assuming decent credit, there are 95% and 97% LTV conventional options that are generally better financing than 96.5% LTV FHA.

We stopped all erroneous spending, paid off all our cars and credit debt.

Regardless of relationships, you should get term sheets from at least 3 different banks / local credit unions.You will likely have a personal guarantee on the loan (meaning you will have recourse if the LLC defaults on payments). 2) When making an offer on a property, is the offer in our names as individuals or in the LLC?

He is broke with bad credit, so I assume they financed him somehow...

I've been paying on it all, but its a lot to manage on promotional rate credit cards.

What is your credit score?

If you have a good job, decent credit score and some money to invest, you will easily be able to find better conventional loan programs than FHA.

I’d rather take my 100k and decent credit score and take the plunge then gain from experience and take a loss any day, every day!

I was searching for foreclosures/preforeclosures and I found a relatively cheap/"the numbers worked"I do not have a credit or capital currently and FRANKLY, I DON"T WANT TO START OFF IN A "F-" NEIGHBORHOOD SINCE I DON"T WANT TO DIE OR ALMOST DIE every time I COLLECT RENT!!!!!!

I'd make appointments with a couple local banks and credit unions and go over your situation to see what they can approve you for.