You don’t have to use it like short-term debt—you can pull from it strategically and pay it back at your own pace.

Otherwise, probably not as they know they can get out of a significant debt by running from and avoiding it and have shown they will do that. 

I actually think you would be better offering $1.5M cash and use a hard money loan for six months and refinance into permanent debt. 

My credit union I work with will allow 1.3 million in debt or 5 properties before they want one to incorporate.

(Foreign to the state, not the nation)  Furthermore, they typically require you to have a registered agent. 

Best check if your REIA is a Chapter of National REIA.   

The same as any refinance, the 1st position debt (subto loan) will be paid off at closing. 

Definitely come to the Midwest with no debt

We do not often get money back but it helps the next company know what they are getting themselves into.I would not mention anything in your security deposit about forgiving their debt. 

Prior to leveraging, we would model the condos to see if the new debt would result in positive or negative cash flow for the condo.