Were you not qualifying because of your debt to income ratio?

I am working on getting my first rental property within the next year and starting out by cleaning up my finances (paying off credit card debt).

Thus, you need a debt agreement between your LLC and partnership.

@Allen LiYes after you have rehabbed and stabilized the property you would either sell the property and 1031 into a bigger property or cash out refi into long term agency debt which will give you 1-3years of I/O. 

If you are wanting to take the money and pay off debt incurred while purchasing/renovating the property then you should do a cash-out-refi.... if you are wanting to take the money and use it as a short term asset source (such as using as a down payment on the next BRRRR deal) then you should get a HELOC.

The problem I'm running into is two-fold:1) Many banks still have a moratorium on these due to COVID2) Debt to Income qualificationOn #2, I bought a triplex last September, one unit was delivered vacant, I spent a couple months renovating it, then filled it a couple months ago.

- How much first mortgage debt can I get and at what rate?

The loan on the property is interest only until 2023, at which point the plan is to refinance with longer-term debt.

Have you kept your credit clean or do you carry debt? 

The problem I'm running into is two-fold:1) Many banks still have a moratorium on these due to COVID2) Debt to Income qualification due to unique rental income situationOn #2, I bought a triplex last September, one unit was delivered vacant, I spent a couple months renovating it, then filled it a couple months ago.