Generally we raise capital from investors who want a fixed income and have enough meat on the bone to keep all the equity in the deals and push the valuation and also obtain commercial financing where we can get 75-80% LTV financing and still maintain a DSCR of 1.2+2.) 

But, it would appear that conversion to a minority position in a private company is the same result as obtaining capital, never having to pay interest, dividends, or even pay it back.  

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

@Francisco Ruiz ensure that if you are obtaining financing, you ask/ensure with your lender that they do not have any issues with the fact that the property you are acquiring may appraise as "rural."

At present, I do not have full access to MLS data, though I do intend to obtain my real estate license in the near future.

I would be hiring an attorney to be first in line for any distributions that do come as it's literally first come first serve for people that file suits and obtain judgement first.

The accountant said that NJ allows one to “adjust” the basis in the property to the extent no benefit was obtained from depreciation...you do not get to take losses from real estate to offset gains on sales of property in NJ.

Indeed, the FAIR ordinance is anything but fair to non-corporate landlords, seemingly punished for investing in rental houses to generate income as an alternative to stocks and bonds.A handful of opportunists likely could learn to exploit these new rules, preying on otherwise law-abiding landlords to obtain legalized shake-down payments.

Start by setting up a proper business structure—an LLC or S-Corp—and obtaining an EIN.

Correspondent lending typically takes one of two forms: delegated or non-delegated.One approach is to obtain your loan purchaser’s criteria and documentation, (hopefully) adhere to them scrupulously, and originate the loans yourself.