Can you get a conventional loan? 

I believe his loan balance is $125,000.  

I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

First question on a mortgage is seeing how the new jobs impacts your ability to get approved for loan.

I have no W-2 income, but my wife does and i have strong cashflow.Would it be better to go for a portfolio loan or go through each one individually?

I’d like to transfer them to an LLC however from what I understand if a property still carries a loan and title is transferred to an LLC the lender may exercise their right to require the loan be paid in full.

@Harvey Fang, Main problem is that you have a 0% interest rate on your refinance loan.

What loan options are available and which lender will you use?

They knew it would be simple and could walk away with a guaranteed income in the interim and a nice payday once I put a new loan in place.

Assuming you're looking for conventional Fannie/Freddie loans here is your answer:https://www.biggerpockets.com/forums/48/topics/460...Otherwise you can use a commercial/portfolio lender like mentioned above to avoid seasoning.