If you want this reflected in your financial statements, here is our process: We move the COGS to inventory on the last day of the year and back to COGS on the first of the following year.

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

AAA is there debt on the existing property?

It really comes down to your comfort level with debt and your long-term strategy.

I’m in my late 20s and not in a rush to retire, but my goal is to achieve financial independence in the next 10 years through real estate.I’m considering two options:Option 1: House Hacking with a Multifamily PropertyI probably have to use all my cash for the down payment, and the rent income won't cover the mortgage.

You will be able to take advantage of it in a SDIRA if the syndication also has taken on debt and therefore passes UDFI on to your account. 

If you want to JV your wholesale deals you want to do it with someone you know, like, and trust over time and have met in person.There’s nothing more wasteful and inefficient (in the private sector) than financial intermediaries engaging in a “daisy chain” to try to close “undoable” deals.

Ideally completing light renovations like this shouldn't take long and you should  have a low holding cost on the hard money loan (if you used debt) and make a higher profit on the sale or have more flexibility on the payoff when you refinance  Plan on long-term and hold.

If you're asking how to get a general purpose loan to the LLC, then that's not going to happen without several years of operating history and organized financials for a CRE lender to underwrite. 

If you use debt to buy the real estate the IRA will incur UBIT so educate yourself on that.