Also, don't complain about your offer not being accepted - just submit a better one or walk away - the seller doesn't care about anything other than how long its been on the market and how close to ask you are.

If there are any legal issues that I have to worry about etc. 

Buy a 2-4 unit, close to home.

If you closing costs are also 10% of $350k thats 35k so you are at $315k - great you made $10k. 

Distributions don’t start until 6 months after the last property of the fund is closed on. 

I'm not a CPA, no legal advice given.

And that’s before factoring in selling costs—commissions, taxes, and closing expenses.

Which most lenders frown upon you utilizing a HELOC to cover EMD, Closing, and Down Payment. 

After 4 months, the deal finally closed and I received a wire for $3,000.

I paid about $1500 in closing costs between title, appraisal, etc, but the original loan was wiped out in favor of a new lower rate.