Living in one unit and renting out the others allows you to deduct 75% of expenses like mortgage interest, property taxes, insurance, and shared repairs as rental expenses, while the remaining 25% applies to personal use.

Of course most GPs have personally put in money to keep the deals from sinking.

Myself personally I'm invested in Buffalo and NYC, but that's because it made sense for *me*. 

You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

can anyone you know in person vouch for this lender? 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

We normally ask for a downpayment whenever we sign a contract for a remodel. 

If you make the person an LLC employee you can get around it, but partner does need to be careful. 

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.

HELOCs are fine, but keep in mind that you really only want to use 50 percent of less (each) of your available equity just so you aren't creating a problem that you can't solve later if the value of your personal residences fluctuates.If you both have W2 jobs though, have you looked into getting qualified together and just getting a loan, 10 percent down each?