I have some cash but would prefer not to use more than 25k.

Ask multiple people on and off BP (preferably people who are no biased). 

Though he prefers to reposition existing multifamily properties, he has also subdivided land, built homes, and constructed self-storage.

Do you think they're worth the investment, or do most buyers still prefer in-person showings? 

What’s your preferred property type, and how did you decide on it?

For a turnkey property, I’d like to stay under $400K, but if I find a good live-in flip opportunity, I’d prefer to stay under that price point.

2) Some folks prefer to only pay interest for the money they use - which is HELOC here.

However, the IRS may scrutinize exchanges if the holding period post-transfer is too short (typically 12-24 months recommended).If one partner wants to defer capital gains while the other prefers cash, the deferring partner could reinvest their share into a Qualified Opportunity Zone (QOZ) fund, which can defer and reduce taxable gains if held for at least 10 years.

You want to be understanding and not "kick them out", but at the same time let them know you operate differently than the previous owner and if they would prefer not to operate that way that's a decision they can make.

Many investors set up LLCs themselves using state websites or services like LegalZoom, while others prefer an attorney for added protection and guidance.