I talked to a commerical RE lender who does the Freddie Mac Commercial loans and his sample loan doc has the following language:Non-recourse to Borrower and Guarantor(s), except for standard Freddie Mac recourse carve-outs.The borrower is the LLC, and the Guarantor would be me.

When you're ready to purchase a seller concession can be a good way to reduce the cash to close and amount of equity you need to borrow against the primary.

Unfortunately I've injected every last dollar that I have on this project so borrowing or putting in my own money is not even close to an option.

You can borrow 0.8x240K = 192K.

Last thing I would suggest is when looking for your first investment that you dont  max out on your borrowing power.

Let's say I have 500k down payment and borrow 500k, and the monthly mortgage payment is 5800, and out of that, 4800 is mortgage interest, and I pay 2500 annually for insurance and 10000 for property tax, could anyone please let me know how much UBIT I would be subject to?

Investors are increasingly expanding secondary mortgage underwriting guidelines to allow borrowers access to their equity positions and reserves. 

I've seen lenders exempt years spent in college as "work history" but the borrower would still need to have sufficient funds/reserves and a solid credit score. 

Borrowers will want to be members, local and generally have a very strong credit profile. - Most 5+ unit lenders will want the borrower to provide documentable real estate related investment experience.

So now you are at 18% to taxes unless you were to 1031 them.My suggestion is to borrow against them and keep them.