Nighttime security guard at a large complex in a Class B area.

I believe that this is what led me to develop the work ethic I have and develop an appreciation for financial security. 

I live in Las Vegas which is a mecca for tourism, but new STRs here are very difficult to secure.

The HELOC would likely be more efficient for securing the acquisition as it would be considered 'cash.' 

My hesitation is that I don't want a phase 1 that turns up nothing to lull us into a false sense of security.

I had a 5,000,000 unsecrued LOC and a 10,000,000 secured..

But I also want to give him security of having a lien on a property that is not the subject property.

If the land is part of the security - then you'd need to refinance the debt most likely.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

The protections are there because beat cops are not qualified to determine who is a tenant and who is a criminal.Just as LL should not provide keys without rent, security deposit, credit check, etc, tenant should not pay a dime without a lease agreement that gives them certain rights.