You want to either read your closing disclosures because it will state if you "Can" or "Cannot" switch the title vesting to an LLC.If you want to transition your primary into an investment property I would recommend using a Portfolio or DSCR program by doing a simple refinance either cash out or simple rate and term for intended use.

Below are the key data points:- Gross Rental Income: $118K (I received the rent roll list from agent)- Effective Gross Income: $112K (I'm assuming a 5% vacancy factor)- NOI: $56K (I'm assuming 50% Operating Expenses - inclusive of 10% property mgmt costs, repairs & maintenance and CapEx reserves)- Recommended PP: $623K (Market CAP rate is at ~8%; I used 9% because I want the Cash on Cash return to be 10%+ with a 30% DP at 7.2% interest rate and 30 yrs term)- The asking price is $1.25M.

This is the typical investment strategy for wraps - buy on a wrap (non-qualified assumption) and sell on a wrap and cash flow.It is all a matter of disclosure and the end buyer's acceptance of the risk. 

Hi Griffin, It is not uncommon for hard money lenders to finance 90% of the purchase price and 100% of the rehab cost on a 6-12 month term, and then they'd be able to assist with long-term funding for the property once it has been rented.

Note, you don't "Take over" the mortgage typically, you just pay as the successor once you legitimately establish yourself as the successor (Will, Trust, Court Order).

Even in your short term example you could owe $24k in taxes  why not buy something else at a $24k discount  especially if it’s really 10 years and $48k in taxes  

Do you emphasize long-term holding of property or quick-turn buying/selling?

Typically 25%+/- down payment is required.

Keep digging for the best terms...do put good relationships ahead of strangers...and the further you go, the better you'll do. 

If you own at Shores of Panama in Panama City Beach, I'd like to ask a few questions about HOA management and revenue in a typical season.