New investor looking for advice on BRRRR, LLC, and lending.

[Garret Adkins]

HI BP members,

I am currently in the process of obtaining my core four. I have not purchased a rental property before so I don't have the experience. I've read as many books as i could and listen to the BP podcast religiously. My plan is to find a portfolio lender and try to come up with a line of credit with them that I can take out for purchase and rehab. After the rehab and renter is in place convert the credit I took out into a mortgage. I plan to BRRRR as many houses that I can providing I still have credit to buy with. I live in a decently cheap market (houses under 100k).

I have a few questions. 
1. Should I start an LLC before buying my first property or get a few properties under my belt and convert them over to an LLC?

2.Instead of the line of credit with portfolio lender,should I use hard money then do cash out refi with a portfolio lender?

I know I had some more questions that I can't think of at the moment.

Any help getting started would be greatly appreciated.

[Alan Salgado]

The LLC question is best answered by a lawyer. However, I buy all investment properties in my LLC.

You can buy a rental property with hard money and then do a cash out refi after 6 months to get the 75% LTV instead of purchase price.