They obtain and manage capital, whether it’s private equity/debt, bank financing or personal capital.

Please recommend a lawyer who works with fixed fee and does not charge for every min s/he talks to you. 

Sounds like it is best to either use the HELOC or obtain a conventional mortgage rather than using a HELOC and then a cash out refi.  

Would definitely recommend finding a partner who can help walk you through this if you decide to move ahead. 

I have a recommendation for a nice PM that does really well. 

.- I recommend avoiding condos. 

Also, can anyone recommend a reliable company for this?

The date you are able to take depreciation is when the property is ready for renting (i.e. advertising for rent or obtaining a certificate of occupancy).

I strongly recommend getting involved with your local REI meetup groups so you can work out your pitch with help from other landlords.I hope this doesn't come off the wrong way without tone or facial expressions behind it. 

Here's a list of things to track:- Formal lease application- Formal signed and executed lease specific to your state- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)- Maintenance requests and receipts- Accounting for all rental-related expenses (repairs, utilities, etc) The more you treat it like a business, the more helpful you are to your CPA come tax time.