@Mike Roy There are some moving parts that are complicated in communicating with him haha.

We work with the #1 brokerage in the Greater Chicago Area and make a complicated process...simple.

How complicated is the deal?

For me at least it's get a bit more complicated since I've used the HEL for other liquid investments which return > net 3% after taxes I pay on the HEL.For arguments sake though, let's say I refi into a 5/1ARM at 4.5%fees: 1% 2300new payment 1191current payment: 1338 (not including the 500/month on the HEL)difference: 147I'd have to pay off the 40k HEL. 

For example, if you form a Texas LLC to hold Arizona rental property, you'll wind up not only having to maintain it in Texas, but you also need to register it in Arizona and incur costs there as well.Unless you have a complicated business need (which most people on BP don't have), I recommend you stick to the state where the property is located.

You can keep the reserves all in same place if you don't want to complicate yourself with different bank accounts - just use software to track the expenses and reserves per each property so that you know at any time with ease how much you have incoming and outgoing and reserves for each one.Once you have several properties, you can relax a bit the reserve contributions.

In my naivety I pushed the urge to fire the sack of shade until he "got the systems all wrapped up", because on the residential real estate side of things I had dealt with a few exceedingly complicated sales that were caused by open permits (permits that had never been finaled out and closed) so I was very apprehensive about firing the contractor before the Electrical, Mechanical, Structural, and Plumbing permits had been closed.Six MORE months later it had been enough.

Also because getting loans is complicated in LLC and there are fees for each LLC (just $800 per year franchise tax in California to name one), etc.But in the interactions with the tenants, for anonymity and some more protection without the above inconveniences, I thought one should be able to create one single LLC for all properties who is tenant facing, managing the properties.

@Russell Brazil haha this deal is complicated.

I don't like complicates stuff.Originally posted by @Jeff Davidson:Hi,  we're thinking about purchasing a str condo in st augustine.