I am looking for recommendations for best financing options.The owner is considering financing it, but until they agree, I am planning as if they will not do so.The local credit union I use, who is very investor friendly, is unable to lend on properties larger than 4 units right now. 

Second, what are your plans, moving forward?

However, if you have a more extensive portfolio or plan to become larger in the next year or two, I would look for a double-entry system that allows bank reconciliations.

I'm making some pretty big moves right now and changing my business plan in a new direction, so I don't want to die of shiny object syndrome, but this method really speaks to me.

I am planning to cancel this lease due to the late payments etc, my question is since they are on a month-to-month can I just provide the standard 30 day notice or since they have been at the property for many years or is a longer notice period required such as 120 days etc?

You can use HML don't get me wrong but if you just put a little bit effort in to pre-planning and getting all your ducks in a row then going with a traditional community bank would be a better option not only for your current new construction needs but also for future acquisitions.

Quote from @Nathan Nathan: Hi, I am planning to create LLCs in Wyoming , Michigan and Georgia.

Either can work, or either can be a huge pain, but that's the reality of common area ownerships.I've worked on some small 2-3 unit condos like this doing the condo plans and the CC&Rs have always included provisions for financials, budget etc. as well as dispute resolution.

The sofa bed was always temporary, and I plan to replace it with a queen + twin bunk setup, bringing the total occupancy to 7 long-term.To maximize income this summer, I’m debating keeping the sofa bed in a spare nook, bringing capacity to 9.

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.