That way people would be able to talk about a funding source/ partnership possibility without braking any of the rules.

Firs things first, you need to go and talk to good mortgage broker like Kris or Ryan from http://www.krispedersen.co.nzsee what you can borrow first. you can email them them and feel free to mention my name. if you don't have cash to buy now, forget the US market and consider the Auckland market.It is a slower market now, with good opportunities, but still have Very good long term growth prospect, But not much cash-flow...you will be lucky to brake even!

For people who don't know it, in a few words, the PILOT program offers significant tax brakes for 10 years if the owner invest $1M in renovation.

@Brad Gilboe the ARV is going to be a function of the NOI which will be determined by the after market rents you can expect.

As a custodian and fiduciary, they are just not allowed to provide tax, legal, or investment advice.That said, most custodians will put on the brakes if they see a clear violation, but they have no obligation to so do and will definitely not be any help in a gray area situation.By contrast, a checkbook plan provided by a quality company will include consulting support that is not available from a custodian.  

One of my friends own a A.C company and when I purchased my last house I asked him to change my old --but functioning fine-- a.c unit (20+ yrs), he told me to hold my horses because older a.c's were made to last, and when they brake it, it is often times a simple inexpensive fix (unlikely the modern ones that are made to last 5 years and when it brakes it is better to change to a new one than fixing it).