Consider consulting a real estate attorney or CPA to determine the best strategy based on tax efficiency, future sale plans, and estate considerations.

At some point you may need to consider the following:- The website that's monetized based on clicks and advertising and page impressions says this is a super easy thing and everyone should do it.

Without doing a deep dive explanation on this forum, I will say that everyone can play with numbers to create whatever picture you want.

I've been a licensed agent here in Maine at the Augusta-based Pouliot Real Estate for the last 2 years, but began my real estate career in Savannah, Georgia (my GA license is currently inactive).

Based on your post and other comments, it sounds like your rehab is extensive enough that the property isn't habitable.

Memphis, Little Rock, Texas or Oklahoma all have been great plays.

So seems like a decent play for cash flow but not much for appreciation.

Don -You've got quite the fan base here on Bigger Pockets all wishing that you have a positive outcome. 

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

If its the business then asset based lenders may be interested.