However, unless you're doing this as part of a BRRRR strategy, you may end up paying closing costs twice and incurring unnecessary interest on the HELOC prior to refinancing.Additionally, conventional loans often have seasoning requirements of 6-12 months, while DSCR loans typically require only 3-6 months.This post does not create a CPA-Client relationship.

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

I think demand is decent.If you're looking in a flood zone you'll definitely want to understand the FEMA 50% rule.

The closing agent would help create escrow for taxes and insurance so the P and I would go to the IRA. 

So, I'd say my wife's "honey-do list":)Regarding rental properties, it's that no matter how many processes you create to handle problems, there's always some new problem:(

Explore multifamily or out-of-state investments for higher yields.Setting up an LLC provides liability protection but has no tax benefit for you now.This post does not create a CPA-Client relationship.

The Idea is to create a new real estate asset class - the Room Condo. 

There are a lot of rules when it comes to buying a MH and if one thing is wrong the lender will deny the loan.Mostly pay attention to year built try and stay away from Mobile homes that are older than 20 years. 

This satisfies the rules for 1031 exchange. 

Selling multiple properties in a 1031 exchange to consolidate funds for one investment property is allowed, but the property must initially be used solely for investment.This post does not create a CPA-Client relationship.