I believe Alexandria city allows it but portions of Fairfax county do not allow it. i would go option 1 personally. 

I personally owned a rental there for 7 years, but I just recently sold it.

While I don’t yet have personal experience with a HELOC, I’ve thought about this one for my self many times.

It's like the person who goes and buys a bigger tv because it's 40% off when you had a perfectly working tv.

Here in AZ you can look up the personal representative as they are appointed.

So I don’t have to reinvent the wheel every time I hire a new person.

Appreciate if any personal experience can be shared that triggered the need.Thanks

I had a “lender” tell me he’d give me a personal loan with a fixed 4% rate on a 30 year term at whatever amount I wanted because he would like to “build a relationship” with me. 

Would the person who takes on more labor to repair the property have greater preferred equity or is this usually treated differently?

Since then, I've documented the process as a Boutique Hotel investor and have a deep commitment to sharing my knowledge around Boutique Hotel Investing with others who are looking for a path to financial freedom, and Boutique Hotels is the best path to get there in my personal opinion.