YES - If you own more than 25% of the LLC (they don't count a C Corp or S Corp) then Fannie/Freddie counts it towards your maximum.  

Just wanted to give you guys an update and thank you for all your help. 

I have seen homes in OKC that our good rentals for around 100k with minor updates needed.

For example a national corporate tenant such as a bank, drug store or fast food chain on an absolute NNN lease.

I appreciate all the quick responses and will keep you guys updated with any changes or new news.Thanks again!

Are you doing any updates? 

I do know a @Michael Whitener that does tub and tile resurfacing that really helps update a room.

I cant figure out how to upload analysis but here it goes:Sale Price 1200004 units each rent for 485 ( currently 3 are rented)All brick 8 beds 4 bathsReal Estate Taxes 1600Insurance 1000.00 per yearCap ex:10%Vacancy:10%Repairs 5%Estimated cash flow thru anylsis 566.71I will be putting in updates with my own money.

Single member LLCs are usually treated as disregarded entities (unless you select to be treated as a corporation...normally you don't).  

He owns free and clear, just last year performed major rehab and updated the house.