I'd purchased it on a land contract, paying interest only for the first 5 years, with the ability to extend another 5 years if I'm not able to find favorable financing to refinance within that time period.

Quote from @Eric Gerakos: Michael, why would you invest in UNSECURED note funds when you can buy notes SECURED by real estate that are currently paying 10% for 2 or 3 year interest only terms?

If you're unwilling to charge a common fee, I wonder how you're going to handle a problematic tenant who is late on rent or responsible for paying the plumber to remove a kid's underwear from a clogged toilet.How will you conduct a credit/criminal screening without an electronic application?

Your "fixed income" funds do not pay any longer and you have excuse after excuse and refuse to return investor's capital. 

SO expect to pay a premium based on what the potential value of the building can be once maximized and stabilized.

While living in the other unit, I invested $5,000 in renovations and later found a roommate paying $750.

These deals have so much meat on the bone that paying a capital partner is a no brainier..  

your comment around "approvals will be easy to get" gives me pays if you've not done this type of project before, I understand your logic, and I don't know your local municipality but it always seems to me that no matter how easy we think a project or approval is going to be, something always comes up.

Or could I 3 properties flow into one account and pay all expenses from there.  

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.