I have found good deals and have been able to get the owner seller to hold considerable seller financing.

You might consider reaching out to them and seeing what membership could offer you which I believe would be considerable.

He is a RE investor and we have all finances separate and prenup.The property has an in-law quarter that will rent for $1,100 per month which the banks probably won't take into consideration.

Not having clarity on this issue will cause you unnecessary pain and hardship.If the tenant receives their notice that you won't be renewing their lease and refuses to leave, you would file a dispossessory action (what we call "eviction" in Georgia) and work toward a Writ of Possession to get them physically moved out.You should give serious consideration to hiring a professional property manager (PM).

If you have building experience then a lender would do it but you will either have to have considerable skin in the game or alot of equity in the property as collateral.

Appreciate any considerations or advice you have!

This does NOT take into consideration the increase in our original mortgage payment after the refi, which could be covered by taking in an additional tenant (we house hack and have one more bedroom we had left as a guest room, which is just sitting empty thanks to covid).  

I will absolutely take into consideration your advice for being steadfast about having strict house rules in order to ensure that my tenants are mindful about treating the property with care.

I’m not from Ohio, but I looked online and it seems that you could file DTE 100 EX (Statement of Reason for Exemption...) as long as you are transferring it to your LLC for “no money or other valuable and tangible consideration.”They’ll likely want an affidavit to go along with it and I’d imagine you’d still need to pay the recording fee (inexpensive).

Hey Rob,Debt Coverage Ratio (better known as the debt service coverage ratio or DSCR) is essentially cash flow vs debt amount.Commercial lenders take DSCR into consideration on income properties, as cash flow is the primary and typically only driver behind CRE investments.