I currently have the down payment and had it pre-approve!

Further, how do I demonstrate proof of funds on a HELOC (ie, the equivalent of a pre-approval letter for a loan)?

My questions are: Are they any implications (tax or otherwise) if after the funds are paid into the business account and my friend writes a check to their personal account from the LLC to get his money out?  

You will pay transfer taxes based off of the properties calculated assessed value, and if the property is in Philly city limits as your post location suggests, you're looking at a payment of 4.278% of that value being paid at close.

It's the same work to do a $50K loan as a $500K loan so the fees will be higher due to the loan amount but will still be much lower than what a lender or broker gets paid on a higher loan amount.

We were, but he missed 2 things, my wife’s income and the taxes I paid.

Especially once they are paid off.

Hi Dave,If you are looking for an all-in-one solution, you'd need to look into paid services like Co-Star.

I have one unit that always pays but a couple in the other unit paid once and are now 3 months behind.

So, if it sits vacant for 2 months, you probably won't get paid by them.