Another option is to explore private lenders or HELOCs to cover the equity.

Here is an article from Wolters Kluwer that covers the entities exempt from reporting.

As I am seeing 1.2 or 1.4 million 2 family house and not sure if its even going to cover the mortgage or not with 25% done.

I'd love to have a small line of credit on the property before the end of the year to cover any other repairs or upgrades that will need to go into the property.

Hi @Calvin RappardI think the other contributors covered the issue with screening tenants prior to renewing the lease.

A good rule of thumb is to keep 3-6 months of operating expenses in your rental account as a cushion.Once you’ve got that covered, you can start investing the excess.

Ensure the rents and expenses support the debt service and provide solid cash flow after covering the assumable loan, seller carry payments, and operating costs.Occupancy & Rent Roll: What’s the current occupancy rate?

My savings was completely drained from interest payments and surprise costs I had to manage, and lots of little costs that at the outset I believed this guy would cover (100 to mow grass, every two weeks).

The property may not have any vacancies, but if it does, just make sure you have enough reserves to cover that. 

In this market i would only go that route if you have the resources to cover their initial investment so there would be no loss of capital if things go bad.One of the syndications that i am an LP buys MF, rehabs the existing units, converts tbe garages into max number of studios, brings all units to top of market rent, and exits with max NOI.