I can't qualify for FHA loan because I don't plan to live in that house. 

The repairs & the remaining 80% of the purchase price will be covered by a loan (which, in turn will be covered by the rental income).  

I’ve read a bit about FHA loans since I’ve seen they only require 3.5% down, but I really just feel like I’m looking at random topics to study.

They live there for a year and then decide they can't qualify for a loan and want to move away.

And @Dave Van Horn has a fund or some version of NPN and performing notes. 3. you can invest with your local HML ( hard money lender) who will be doing short term 24 months or less rehab loans.4.

Purchasing it for $50K with a 20% down conventional loan. ($20K total out of pocket including closing costs).  

😀Am interested in partnering on some projects again, as I still enjoy the labor side, but want to learn much more about the nuance and strategies of RE Investing (thus BiggerPockets and considering the RE Exam).  

From what I have read, banks would not loan to new LLC's without proof of income.Furthermore, I have inquired for a lawyer's assistance with LLC formation and he quoted me $2000 to $2,500 for professional fees.  

Planning to use a fha loan and live in one side.

Most financial institutions provide this product and it's usually formed as a commercial loan.