@Ross DerouenBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

We will probably pivot one or both to be long term rentals.

At some point your business partner will want his cut (Federal Gov).

This person will take calls from you and, if needed, willing to meet you at the property.2. family sport This asset benefits everyone.

Yes, you can go visit Class C & D tenants at their homes to convince them to sign up for auto-pay, but:1) Once you leave they will revert2) Their biggest problem is NSFs! 

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

Generally these will have a shorter maturity and higher costs. 

A tenant will be living in 1001 and they may get my mail.

@Scott Cash Hopefully you have an exit clause in your LLC documents that lays out what will happen if one or more members wants to exit the deal.

I think over the next few years people will leave markets due to municipality changes.