Having an exit strategy can also just simplify the process in case one of you has a life event and needs to exit the deal.

And I will state different jurisdictions have different rules, processes, expectations, etc.In my area you are required to have a permit to swap a water heater.

Evan,  As a local broker, I’ve assisted many clients with the entity transfer process, often referred to as a "drop and swap."

Certainly nothing ground-breaking in terms of ideas here, however I'll be very hands on (and on site) during the process to make sure that every step of the way is executed to a high standard and very carefully.Once I've hopefully developed a successful track record and gained experience, my next goal would be to move on to commercial assets (think multi-family, industrial etc) so that I can leverage my existing investor network and real estate knowledge to raise 3rd party equity and take on bigger projects.

There are attorneys who will help navigate the process for you and act as an orchestra conductor to keep things moving along.

I know this is a slower process than you might like but $3.3M in debt is a lot for most people.

Probably they make it up in upcharges on maintenance repairs, or they will keep all your application fees, processing fees, tenant charges,pet fees and charges or make ready or something somewhere. 

Even on conventional renovation loans, most lenders and borrowers still use Certified 203k Contractors b/c the guidelines/timelines/rules/processes are almost identical. 

I use a custom setup in Notion to manage my lending workflow and am building a mirror setup for notes, and am also in the process of testing Pipedrive as a CRM.

If you use the unapproved documents terminating the lease and it leads to an eviction, you'd be wasting your time having to redo the process again.