@Rosmery Then PM me if you still need a few contractor recommendations. 

Can I ask why you all need this though?

My main concern is that you underestimate how much time/effort this will take.

The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

You also will still need to manage your property manager  - ie, stay on top of expenses, ensuring your property is being managed effectively etc. 

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

Hi, long time follower, however not too much on posting.Goal: I’m looking to purchase a 3 family property in central CT.Position: Currently I own two condominiums that are under an LLC.

Let me know if you need any tips on working with contractors or setting expectations.

Now, you need to figure out how to find deals and pay for them.

In summer, the electric is higher, but the gas is lower so it pretty much evens out over the year.