There's lots to learn, procedures to be created and TONS of Fair Housing Regs to be assimilated. 

Even if it doesn't you probably need to go through the property legal procedure to take possession.

Ideally, the lease should fully spell out all the landlord and tenant responsibilities, any concessions (e.g. rent free period, landlord work), penalties, CAM responsibilities, reporting, emergency procedures, etc. etc.Get a good boiler-plate lease, have it reviewed by a lawyer that deals with leases and good luck.Oren

At that point, you adjust your numbers to account for the eviction procedure and expect the worst inside.

When I told him I was looking to buy some rental property I asked him if I should set up a separate entity or if I should just buy it with the company that owns my dental building and equipment.  

Read the lien law so you know the procedures and required timelines.

While this is all great news if  I want to form the LLC, this whole procedure and more research has led to other options.

I explained to him that his understanding was incorrect and he is still obligated to pay or agree to terms for lease breaking (unfortunately the lease was silent to lease breaking which I have since fixed for future tenants).He has been non responsive since, so I read into the Hawaii Landlord and Tenant laws and followed the book regarding required procedures & notifications. 

As far as seasoning requirements and the acceptance of the HELOC funds, Id be happy to walk you through the different procedures that can be used depending on the lenders requirements.

I’m full in the education process right now, reading more books than I have since I was in dental school!