This day in age just a simple phone number exchange is how I do business. 

Having a tenant will not effect the appraisal in anyway.

Some doing IRR as an example but on a yearly basis and just combining the income and expenses as it happened on the first of each year.

You don't get that with a fixed percent profit sharing.I definitely left out a ton of information with the goal of not making this a lengthy post.

Also if he does have a home, can't get get a HELOC to borrow money to cover the rent?

We have our first inspection of a potential investment (deal from a wholesaler) today, so I feel like that is a step forward.

And I'm having a hard time opening a bank account under the series llc.

@Justin Brin Yes, you can elect to aggregate your rental properties for Qualified Business Income (QBI) purposes, but once you do, you must continue to aggregate those same properties in future years unless there is a significant change in circumstances (such as disposing of a property).

Toss in a BRRRR strategy with a few other strategies and the potential to live mortgage free and cash flow when you move out of property is real. 

It's a very murky water between Private Money and Hard Money.