Construction and heavy reno will create/reveal problems you didn't know existed, have a healthy contingency and stomach.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I want an actual full credit report. 

The tax reporting you'll have to do will greatly increase your costs every year. 

(Investigate the presence of Fortune 100 companies and industry diversity, using resources like metropolitan council reports and broker websites (e.g., CBRE, Colliers).)Affordability: Ensure household income has grown at least 1% YoY for the past 20 years.

Figure presents a very fast draw of equity; some borrowers have reported funds are there in a week.  

no issues to really report, but we are still experimenting with it.

So could I just use my HELOC to pay off the card right before they report my balance to the credit bureaus each month? 

The term "disregarded entity" refers to the income tax reporting options for a single member LLC.

I also learned how tremendous it is to have a great operator (general partner) who is running the deal, so I am able to get regular financial reports as updates, and trust that my capital is safe.

I requested copies of the income taxes for them both and it looks like this could be a pretty good deal but I'm not sure how much he spends on materials to keep them running as that was not included in his "financial report" (which was a piece of paper with number written for utilities).