Being in NY maybe something to do with physical document transportation?

I would only do it if it was an absolute no brainer of a deal as if it goes south then you not only hurt yourself on that deal but also the property that you took the heloc out of.This also depends as if your current LTV is 30% and want to go to 50% is different than going from 50% to 80%.

As I said, how we do it stems from our fundamental design.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

However, I am not sure what to do about the painting, especially if she doesn't do it at all.

It's a great partnership.

How long are you usually spending on prep before you hand it all off to your CPA?

We finish a kitchen we do the same we get another 25%. 

We want to move projects forward just as badly as you do as it is the only way we make a profit in this business. 

Also, is the property rentable as is or does it need a rehab loan.