Immediately before closing the sale dissolve the LLC and distribute the property to the former members so they are all tenants in common. 

From the conferences I have attended, all I have read I think 3x rent is more common but that doesn't mean your PM is wrong. 

Ensure that you issue the necessary notices and keep thorough records of everything!

I noticed that you're an agent in the Austin area.

Not always, but very common. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

Any insight into what’s commonly accepted would be great.Thanks in advance for any tips or experiences you can share.

We do have a regional airport that provides connecting flights to Dallas but it is unreliable/expensive and they are unable to extend the runway to land  bigger commercial jets and don't have room to expand the common areas that would accommodate more customers.

The one thing most all of them have in common is they take longer than they say lol.

Quote from @Caleb Brown: I've noticed the last couple weeks open up on deals.

The bank or lender holding the Heloc can and will close your line of credit or cut it in half with zero notice.