I had looked into cash-out refi-ing before, but ran into the ~548k maximum loan as a blocker (which in hindsight is puzzling, because it looks like the LA county jumbo loan threshold is ~822k)BONUS: What would you do in my shoes?

I live in a beach centered town so providing the tenant with some “go-to” places I think would also be a nice bonus.

-JessePS - Bonus question: Since we are based in WA, and would be operating the LLC from WA, so we assume a business attorney with real estate experience based in WA state is the way to go, even if the properties are elsewhere- please correct us if we are mistaken!

Bonus points for any info on non/recourse.

I would not change the equity split from 80/20, but let his bonus be a) fee for property management and b) 50/50 split of cash flow.  

currently HELOC rate is at 3.00%, down from 3.99% a month ago when the 6 month initial lock ended (i have over 9 years left on my draw period). now the rate is variable. the bank is hinting that the rate on the mortgage will be around 3.5% fixed. i don't qualify for traditional mortgage on my dti (but i do double my income with overtime and bonuses, and my wife will have a new income as well once we relocate) so our family friend is cosigning on the mortgage with me. the bank is writing it internally at 15yr with a choice between amortized or balloon. the building will need a new roof in about 5 years, and leaving $35k in the HELOC for that would keep me happy, so i'm willing to go up to $100k down payment if it makes sense. that would change my loan to $179k from $223,200, but also would tap any funds i might have for improving the property other than the roof, like fencing in the backyard and converting the third floor to its own unit. the new rubber roof would be more like $20-$25k but i like to be conservative. i have heard of people using their heloc to pay down their mortgage principal, which i could also do, but it seems to be a gimmick, and even if not may it be easier to just get a smaller loan amount to start?

The fridge and w/d can be fully deducted in the 1st year, using bonus depreciation or Section 179.

The additional equity after purchase is a nice bonus, and perhaps it'll be worthwhile to cash-out refi the property after at least 6 months to recoup some of your principal investment. 

I would prefer something that cash flows now and have appreciation as bonus.  

I see lots of investors taking advantage of accelerated and bonus depreciation to offset or significantly reduce their tax exposure on their sales.Happy to elaborate.Happy hunting!