This requires an independent appraisal valuing the property at $400k and proper documentation from the seller confirming the $200k donation.Ensure the church is a qualified 501(c)(3) entity, and consult your tax professional to comply with IRS rules.

Real estate requires cash, that's why it's called in-vesting.

I make sure I screen each potential tenant thoroughly (background and credit checks) and require references.

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

or if not 50% capital required why wouldn't the other partner just find a realtor and CPA to find/underwrite the deal and 3-5% for property management then own/keep 100%?

The down fall is a Heloc can "Never" be used as an asset or for PITI reserves required when buying a new Primary or investment property.A heloc can also cause major issues with credit and one slight hiccup or missed payment the bank or lender who is holding the Heloc can close or reduce your line of credit.

OccupancyMost lenders require a minimum occupancy rate of 85%.

Be sure to do your due diligence and make sure the PMC is licensed (if required, it's not in all states) and insured.

You should not get a PM until you have scaled to a level that requires it.

Make sure any lease agreement you use complies with Arizona's landlord-tenant laws, including required disclosures (like bed bug information, for example).If you're unsure, consulting with a local real estate attorney to review the agreement can provide peace of mind and ensure you're fully protected.