It's been 2.5 years since I purchased my first property and now that everything in my personal life has slowed down I'm back on the horse and ready to find my next investment.

A clean-out at the property line is the norm around here.

Focus on running a clean operation rather than perfect technical compliance.Pro Tip: Your biggest risk isn't the IRS - it's partners who might complain to the IRS.

Be sure to have the gas, water and sewer lines inspected as these may be dug up or collapsed - and very expensive to replace/repair.

Regarding the property condition, thats on the inspection report and hopefully you went through it with a fine tooth comb.

A cost segregation study was performed on this apartment building in Knoxville, TN with a depreciable cost basis of $17,323,250.

Generally yes a HELOC will go off your personal finances so qualifying is generally based on your income, liabilities, and credit. 

The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

So ultimately this may require a discussion with counsel, and you may have to settle on splitting the cost.

With the above said we have a 75 acre country subdivision coming online this spring.  100% cash.