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.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

But definitely needs some financial education.

Financial Management: Property managers provide detailed financial reports, handle rent collection, and manage operating expenses.

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.

Prioritize your financial stability.

@Carl TrubLots of legal and tax implications - you should look at having them put the home in a living trust.I am not an attorney but there are ways to make it so your cost basis is today's value versus a lower value such as if you buy it at a low cost.

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 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.