And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

In that case you need to pay the difference.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

This is the type of deal where doing your homework upfront pays off big time later.

If there are fines to pay, it’s the LAIC’s responsibility to pay them, if the owner doesn’t.

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

And assets that provide you with great depreciation but not great income or stability are just a form of robbing from Peter to pay Paul.   

After 2 months going back and forth with them, they finally ended up paying 50% of the $9000 bill.

When they pay out a claim, the money comes out of their pocket.

The title company takes the funds from the sale, and then pays off those liens and clears them.