You will spend $10-$20k to put the PPM together and then if you do audited financials that will run you five figures per year as well as tax returns are not cheap with all the K-1's.

I imagined I needed to generate some sort of statement for him to write-off the interest on the bridge loan and figured I probably needed a statement form to reflect the proceeds from the joint venture flip. 

I wouldn't mess around with six figures of debt at 20+% interest.

It is not my problem and not for me to figure out who is wrong. 

And of course its not all little house flips.. we have bare land flips going ( really like that ) and we have development deals going  those are right in your neighborhood :)  And of course are much bigger deals more like 7 figure fundings for housing subdivisions..

It's almost a full time job trying to figure it out if you want to get into the intricacy's of it.

But figuring out your strategy whether its LTR, MTR, or STR I would focus on proximity to the university and other attractions of Waco, as they say... location, location, location, it's still very true. 

I shouldn't need to obtain a variance since the property is RM1 by right, but doing my due diligence to figure out these moving parts now.

@Robin Gravlin seem the TX property ASAP before anyone figures out it's in the same LLC and liens it.

The assignment and transfer for a free is getting compensated for the sale of real estate without a license, but people have figured out how to get around it.In short, if you are thinking of getting into wholesaling, you have to ask yourself why.