I would maybe add that, with your portfolio spanning several states, you may want to research/interview a national PM that could cover all your properties with one contract.

The HML covered 100% of the $32,500 rehab budget through drawbacks.Refinance: Post-rehab, I refinanced into a primary mortgage, creating 25.5% equity in the property.Future Financing: I plan to leverage the property with a HELOC to access up to $86,000 in capital for future deals.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

A fair entry point seems closer to $225,000-$250,000, but the terms of financing could justify going slightly higher if cash flow can cover the payments.

When they create costs they have to cover those costs.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Since MTR is similar to both in different ways, you'll need a custom tech stack to cover all your needs. 

Assuming the ARV you mentioned is accurate, at 75% LTV you'd be able to pull enough equity to cover your existing payoff, refi costs and walk away with a good chunk of cash in your pocket.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.