Investors thought they could extend their debt, but that doesn't appear to be the case with what has happened to rates.This cycle would have been a disaster if our banking system was in the same situation as 08. 

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!

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

[Source: Federal Reserve Bank of St.

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? 

@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. 

Zoning varies, so always check the local regulations for your specific needs.Financing: While cash purchases are common, financing options are available through local banks and credit unions.