It's not profit until you access it in some form of cash.I've seen investors loss properties with equity (a few with a lot of equity) because they can't sell at a price high enough to gain that equity, or because they can't refinance it due to the negative CF,...which would increase with a new mortgage.

In the end it was a HUGE learning experience for me and I learned what NOT to do.

Any ideas on forming a new LLC with him to build vs continuing to loan him funds and dealing with the bank perhaps not liking this?

I've moved move of my clients who used QBO to Baselane (or Stessa), and it's vastly simpler, faster, and easier for them and for me. 

First- The PCR and Disclosure form will indicate whether it is permissible to turn on the utilites. 

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

Ultimately, good to hear from both sides (pros and cons)  It's not the right one for me and my goals-- but if it helps you get to the next stage, it might be the right one for you.

DSCR loans can get you approved for a rental loan or a flip loan (alternatively make it a BRRR if it works) based on liquidity and credit score; less so important if you have a job or the work history.You can also consider being a private lender if you're trying to wait until you can get the necessary work history for other forms of financing. 

Traceestate.com has the best accuracy that I have seen (over 95% for me).

I am never looking for a sure thing as I don't really think they exist but I don't want to get into something that I am not sure how it will look in 3 or 5 years.The only way I would look at this deal is if it is perfect for getaways and relaxing for me and the family and anything I made would help pay for those experiences.