But these are usually either a close friend (who is giving up most or all of their commission for you) or a "part-timer" who has a day job and moonlights on the side.

Guess which of those three people is an internationally-renowned oral surgeon today?

More likely: You get some or all of the deduction via settlement.

You could use gift exemptions to gift him some or all of the real estate.2.

I'm inclined to think this would best be done 1 unit at a time and should there be turnover due to the lease modification, we would only be turning over 1 unit at a time as opposed to 2 or all 3.Any questions, thoughts/ideas are always appreciated and thank you once again for your time & feedback.Cheers!

The existing lease remains in place until it expires or all parties agree to a change in writing.

Join the club - I'd guess 90% of the investors I insure don't follow some or all of the above processes above and it's a legitimate exposure to you the property owner that is not inexpensively insured on your end of things.

A life-long friend of mine's dad has been an oral surgeon for 40 years.

Once the project is complete the equity is captured via sale or refinance to payoff most or all of the HELOC.

Without them you will run a sloppy business and things will fall through the cracks.I wound have most or all of these set up well in advance of taking on my first client.