I also do a Christmas card with some cash at the end of the year. 

But we soon came to realize that we could re-rent a unit in a matter of days as long as we had proper notice from the tenant.  

And to @Jay Hinrichs's point, I see no safeguards for gators when teaching about gap funding, EMD funding, or any other tactic that they try and sell which tells you to get 0% interest credit cards and build business credit to be used to lend out.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Honestly, the proper strategy at this moment would depend on a few factors that would be a bit difficult to get into on this board.

what is the best way to fund renovations on a flip project (other than cash)hard money lender, line of credits, credit cards?

We still have a few properties in nice parts of Milwaukee proper, but most of them are in the suburbs (and non-MPS school districts). 

Taxation can be all about the operating agreement.Short of a proper operating agreement a two member LLC must choose to file as a Partnership on Form 1065, C Corp 1120or S-Corp 1120s.Changing title when the property is mortgaged is another issue.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊I have tried to do about 95% of what you suggested and I keep coming up empty handed when trying to find a decent PMC. 

Let me summarize this for you again, I am not seeking a legal advice, I need hand holding to confirm I am reading the semantics of the deal properly !