I like to optimize my business and I want to ensure that my business would be able to continue running without me, whether for a couple days or a couple months.

FYI--In order to get any liability insurance, I must ensure one condo for property damage ($350/yr) and then I can add liability on dwellings rented to others for about $25/yr for each unit.

In the same case, you would not be able to secure the loan from the family member by the real property as the senior lender will look to ensure a second position does not encumber the property.

That's why I would like to send out an additional email to ensure I comply with the rules.

If it's a commercial lender, they will typically look at everything holistically, but a main driver will be ensuring the new deal hits their DSCR requirements.  

@Joshua Carter a SIGNIFICANT portion of my due diligence and inspection process requires the utilities to be on.For instance, I run all plumbing extensively to check for leaks, I ensure that appliances are functioning correctly, I check all lights and electrical outlets for functionality & ground, we check the fuse boxes for functionality & condition, we assess the performance of furnace & AC systems, and water heaters, we check the functionality & safety of the gas lines, scope the sewer main and assess water flow, test for radon & meth contamination, and basically give the entire property a thorough "test drive"  --which isn't possible if the utilities are off.  

You would need a good lender to ensure she *will* be able to refi when the time comes.

By doing your homework and understanding the market, you can make informed decisions that will help ensure your success as an investor.

My PM ensured me it would rent right away as they had people waiting. 

Whatever that percentage ratio is after pro-form analysis should serve as a good starting point to the equity split.You are improving a property that has debt against it I assume so perhaps you want to include some additional provisions to ensure that debt is satisfied to the extent you are either keeping it on the new lot or paying it off.