I did not find any major banks that will do HELOCs on properties owned by LLC. 

She said once we get to the point where we want to move properties into an LLC we can do that, but that we should start buying in our name so it’s easier to finance.

Have not yet created the LLC in which I intend to purchase the property in. 

Have not yet created the LLC in which I intend to purchase the property in. 

We just started looking into OOS rental properties and also looking into setting up LLC.

I am starting a LLC for my rental business. 

So I could take a portion from my 401k and a portion from my business LLC account.

The downside is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

I have 13 years of residential remodeling experience, operate a one man residential construction LLC, and have a mentor with 30 years of residential remodeling experience that includes 4 flips.Here are the Deal Details:$450,000 = Property Value before renovations began$350,000 = Current value of property$220,000 = Current Mortgage held by parents$160,000 = Cost of making sale ready$380,000 = Parents total investment$500,000 = After Repair Value (conservative estimate)$120,000 = Profit of project$(10,000) = Loss of current equityHere's the Scope of Phase 1:Finishing current 1000 sqft renovationNew 1000 sqft garageNew 100 ft drivewayRenovating 1,500 sqft craftsman barnNew septic systemNew water wellAdditional Information:Despite that the property could sell currently for $130,000 net and the estimated profit will only be $120,000, my parents still want to continue with the project. 

It's owned by my LLC, closed in about 2-3 weeks, and based solely on the cashflow it's bringing in (1.1 DSCR).