Is interest rate on financing also traditionally higher for investment property?

You also convert a traditional or regular LLC to a "Master Series".

If this was your primary residence 2 of the last 5 years sell now.

They're looking for a turnkey primary residence, 3/2 (or bigger) under $370K. 

I've done a traditional loan to my personal name and I've done a straight commercial/business loan (5year) to an LLC for a multi family but I've never pursued a fixed rate longer term note to an LLC. 

When its sold, can the funds be use to pay off their current primary residence with a 1031 exchange, or can that money only be used towards the purchase of new properties? 

You can do anything from traditional mutual funds and stocks to buying real estate and businesses with your money.

Going through a traditional bank can be a tedious process and no guarantee that you'll even get approved for a loan.

This is my primary goal ..kind of hitting the reset button on life. 

I make up for it by having higher amount of liquidity and alternate income (outside of my paycheck) vs something tied up in a property that is my primary residence....1.2 is a good chunk outside of CA... you'd typically see something around 1-1.5% rents to purchase price and at the price point you'd be able to get a portfolio of multiple properties.