I will accept nothing less than a bank statement showing the funds.

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

[Source: Federal Reserve Bank of St.

Which banks are allowing low fee HELOCs on properties in LLCs? 

Lenders don't like borrowers without reserves.Is it risky if the property cashflows well at 100% financing, in an appreciating area, and you have plenty of cash in the bank to cover any problems? 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

@Marizel AshbyBelow are the top things I will recommend you focus on if you don't have at least $30,000 in your bank account or you don't have access to that kind of cash from other sources:1.

If all parties were agreeable (and would likely agree on an interest rate lower than a bank's would be), with $0 down his monthly payment would jump $300-$500, but now he would be building equity in the property.Is there anything else I should tell him or anything I am missing?

If you make the new property your primary you could put a lot less down depending on the property and the bank you use. 

But if CC companies/banks want to offer 0% interest for a period of time, I'll try and figure out a way to take advantage if I can!