However, the overall project is returning better than anticipated (fingers crossed) so overall no complaints.

Do this ASAP so you have as much time as possible to respond, your options right now (before they've been there 30 days) may be more flexible than once you cross the 30 day mark.

As far as how to sell the LLC to the end buyer/owner, I would use an attorney to be sure all i's are dotted and t's crossed.

You cross the line when you add a range.

@Shane Woodman an alternative to a bank HELOC if there is captive equity in your existing rentals that you are looking to leverage for your next portfolio purchase would be private lenders who have programs that will allow for cross-collateralization (just make sure you negotiate structured lien releases which allow you to sell or refinance one or more of the collateral properties and also see if the lender will accept a recent appraisal or a BPO).

What neighborhood or cross streets?

At this point we have had 3 deals under contract (we pulled out of two that were money pits) and are crossing our fingers on a triplex we have under contract at the moment.

Considering most SFR are selling for more than $1m, it is reasonable to have a price target of $1.2m because the cross-over from SFR buyers.Appreciation in a core rental market is positive in the long run.This is factored into the valuation of the property.

Cross the line on any of their legal rights and you risk getting crucified.

Keeping fingers crossed....