Yes, I think there are strict rules requiring how you bill a tenant for utilities if they are combined, but that may just be for charging more than the utility company charges as then he'd be violating utility use taxes, etc.

When combined with online banking you can see next day that deposit is made and there is no need to actually keep physical copy of checks.

Like the title says, myself and 4 others are combining money to purchase a house and rehab with straight cash.

The formulas are based on number of tenants or square footage or a combination.

Would it be best to open multiple HELOC accounts, use cash from the bank, or a combination of cash/HELOC/mortgage?

I buy the properties cash, thru a combination of my own funds and another LOC I have with a different bank, that LOC is unsecured.I buy distressed properties, so yes they are substantially discounted.

Also, find out if they actually use an architect or a draftsperson for the design, or a combination of both (we personally have a draftsperson do preliminary design and an architect do final check and put in notes as it saves a lot on costs, then our structural engineer signs off on his part)Another way to save money is on the commission on the land.

Since there are very few in the market (in Florida), he asked me to look into purchasing a distressed motel and then converting to condo (possible combining 2-3 room into one condo (not condo-tel).

@Brian Ash give the search function a try as there has been a LOT of discussion about this lately.My take is that if you randomly choose a turnkey provider you are likely to get some combination of an overpriced house with claims of rent in excess of market reality and a shoddy rehab that will continue to require ongoing maintenance.

Maybe the trick is combining your passion and business plan with someone who already knows how to get properties there.