Be mindful of recapture tax when selling but consider long-term strategies like a 1031 exchange.This post does not create a CPA-Client relationship.

Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

I have a buddy who offered sponsorship, but he has been doing it for over a decade and maybe only sells one house a year, and never to investors.

I have about 100k in assets both personal and business I could sell, but part of me thinks that’s extreme and I’ll sell “myself” along the way with all my stuff.  

I don't sell single-family homes or any other types of property, though I do own other commercial real estate.If you're looking to invest in multi-family properties, it's crucial to work with an agent who specializes in that market.

If you already have a high interest rate, consider a cash-out refinance with a fixed rate rather than a HELOC.A third option could be to sell.

And you don’t want to sell after going through all that trouble and miss opportunity.Here’s my take.  

I am just starting out as a wholesaler I know of 3 properties that are vacant, before I contact the homeowners I would like to have the agreement so when I talk the homeowners in to letting me  sell the contract to an investor I want to have that ready.

Whenever I have used seller financing as a buyer I always put in the note that the note holder must give me the first right of refusal to purchase my note at the same discount they are selling it at.