You'll avoid the atrocious fees associated with a refi; you'll get access to gobs of money that you can use on a revolving basis rather than beginning to pay interest on the entire chunk from day one; and you'll never have to debate refinancing again (not unless the bank converts it to an amortized loan at some future time, but if they do that, you don't pay fees because the conversion wasn't your choice and then you have a free refinance.

My question revolves around taxes owed.

That being said, you will need to find a PM that has experience with NNN deals because you will still be responsible for coordinating all maintenance, lawn, snow, etc..then bill back to the tenant through CAM.

Basically land ownership in Texas (and I believe throughout the country) revolves around action.

You could get a revolving line of credit (like a credit card, or in some cases like a checkbook) to use towards a down payment on a property. 

The first friend is unaware of the route he wishes to pursue but is dead set in the idea of revolving his career around real estate.

But truthfully everything in the world revolve around money.

There is no repayment scenario where a high revolving balance at a higher interest rate is beneficial as opposed to a lower interest rate mortgage.  

I've seen two variants myself:1. all bills go directly to the tenant - this does require a lot of trust but has worked out for us as long as we have someone check the tax sites and ask for insurance certificates at the deadline/renewal times2. all bills go to the landlord - the landlord in return charges base rent + common area maintenance prepayment (CAM) which can break down coverage of the NNN components. 

I dont think I want to have a 'revolving' line of credit to do this....or?