The Seller also needs time to inspect, clean, and repair before returning the security deposits.

I am looking to brrrr so I can add value, but am open to a retail purchase if the numbers for cash flow and cash on cash return are there.

Good thing about the LOC is that you don’t pay interest unless you use it, so if you have a good deal that has higher rate if return compared to your LOC, it would make sense to use the cash. 

Dear, I have a really great Brooklyn multifamily (approximately 40 units) that I am looking to purchase and am willing to co-invest with other qualified HNW.  10% return as is. 

If it's closer to $1200 than $1100, it might be worthwhile to see if you could offer them $500 + their security deposit back (which you'll probably have to return anyway if the previous owner didn't keep good records of the move in condition, which most don't) and see if they'd be willing to move out. 

Endless financials, tax returns, and questions from guys sitting behind a desk that have never ran a business, risked capital, sold a product.

They required personal finance statements and 3 years of tax returns to start as well as an analysis of the operations of the building, which came out favorably (1.66X debt service coverage, I think the target is 1.25).

If you can buy a stable light value add deal and get a 15% IRR on a 5 year hold and the vacant building only returns you 17%, it may not be worth it. 

If you have an LLC, fees are here : https://www.cyberdriveillinois.com/news/2017/decem....For taxes, it is possible to get a small deduction from the LLC's return via a pass through deduction but the tax law around this is complex and situation specific.

All the numbers are accurate except the CoC return.