It sounds like you've got a solid foundation and a great game plan, especially with your background in North Padre and passion for fishing, which could really set your STR apart.

I’m not sure how good either are in your area but it sounds like you have a great connection with your father.

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

This sounds like good information.

@Alec Barnes As the owner of a property management company in Texas, I completely agree that a solid screening process is essential for placing quality tenants.

@Jayna Stevens The refinance would occur once the rehab is completed and the unit is rented out this way it's an income producing property.

I've seen it happen before here in LA.There have not been a lot of ADUs completed in Chicago in the pilot area.

Here is the email received"An internal audit has been completed for STR permits and our records indicate that your STR permit was issued in error due to exceeding the maximum 12.5% blockface density.

Taking in the content sounds like a great starting point, and teaming up with someone experienced in these deals is a fantastic idea.

Sounds like you guys are in a great spot.