I have ideas of the values, but nothing based on anything concrete.If I take out a construction loan, how do I pay for the construction loan during the process? 

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.

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?

I’ve built relationships with brokers who specialize in Harlem, and one of them brought this off-market deal to my attention.

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?

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

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

He is telling me that it is my responsibility to pay for a new HVAC unit which will run between $7k-$8k.  

If they buy something for your property and you pay them back, it’s just like you bought it yourself—so you can count it as an expense in your bookkeeping.If they don’t get reimbursed, then technically it’s a gift/donation, and you can’t deduct it as an expense.

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.