Quote from @Steve Lehman: @Jackie LiuFirst and foremost the information that everyone has provided has been great. 

Zoho Books, I am not using this as my partner uses it integrates nicely with CRM for book keeping and I could provide access to our CPA for Taxes. 

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

HELOCs are generally provided to properties that are held in the owner's personal name.Are your family members not interested in refinancing the property?

We can provide a complete list of our qualifying criteria upon request.

But what it does provide is a framework.

Most of the lenders I work with (provided you have experience and a credit score over 660) would do up to 85% of the purchase price and up to 100% of the rehab costs, provided this doesn't exceed 75% of the ARV.As for the idea of selling the land, great idea.

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.

You can close in an LLC and don't need to provide employment history, income or tax returns, and DTI isn't a factor.

That document they provided, with all the colored font, was a mess to wade through.