However, there are multiple documents that emphasize that all 1245 property determinations must be factual and supported by corroborating evidence.

I bought it, lived in it while rehabbing which I did multiple times and added a few rentals into the mix.

As a lender, I see multiple parties signing a mortgage all the time.

It took some digging, working closely with a title company, and negotiating with multiple parties to get it resolved, but in the end, it was a great learning experience—and a successful deal!

The return is generally presented as either the IRR, Equity Multiple, or Cash on Cash Return.Based on your numbers above, is the seller asking $859k for the property?

The game plan would be to keep this structure for 1-2 years with future full sale.

Would love an opportunity to pick the brain of someone who is seasoned in the game.

@Tom S.1) Under the IRS multiple loan rules there is a 12 month look back period (see reference to 12 months in the IRS post) whereby the highest outstanding balance of any loan during the prior 12 months will be considered outstanding for purposes of calculating how much you can take on a subsequent loan. 

It allows the sponsor to buy and sell real estate within the fund as well, maybe doing multiple smaller deals.

Ideally, this would be just one step in a larger plan to grow into multiple rental units over time.