DSCR details needed

[Austin Ennis]

Good afternoon! I am a business owner running a successful hostel in Atlanta. I have been exploring taking my 200K+ equity to scale my business. It is currently my primary residence and my business but I am moving to Puerto Rico full time. I have all the numbers for Heloc and Bank Statement loans but there have been snags....so...I am leaning towards DSCR loan. I'm aware of the requirements but I can't find these details and every loan officer has a different story for me:

1) I am signing a lease in PR April 1st - utilities included.  I have also applied for full time residency (process takes time).  So how long do I need to show my primary residence in PR in order to satisfy that I am eligible?  I have heard the moment I sign a lease to up to 3 months.  Does anyone have clairty?

2) I am sole proprietor and want to keep the home ownership under my name. Does the home have to be under LLC to complete DSCR? Do I need to found an LLC in order to complete the process?

Any tips here would be greatly appreciated!

[Chris Seveney]

You should be able to qualify it immediately and sign a document stating loan is not owner occupied

some will allow it in your name and some do not- it depends.