Create a budget and live within your means.

@Cody Skidmore it seems as if you have the deal already in writing i assume if so that means in it's not in a LLC name. trying to take advantage of the current benefits of those costs going to be associated with the rehab Its best you go ahead today and create your LLC you don't want to lose 1 day of your advantages.

If the numbers are right for where I'm currently at, Id be elated to work with you on any type of deal with the goal being to  provide value in any way I can to foster future partnerships within the community.Thank you all at BiggerPockets for creating such a treasure trove of information for us newbies and I look forward to creating meaningful relationships with members here in the future.

Believe me when I say, not all lenders are created equal. 

Our strategy has been to use our rental cash flow to accelerate the mortgage on the rental property, but we are now looking to use that cash flow to help us create additional passive income.We are looking at growing our portfolio of properties (should have done this sooner, but no better time than the present) through more Buy and Holds whether through turnkey or BRRRR. 

I’ve seen brand new patios slope back towards the house, joist hangers attached with deck screws instead of nails, brand new roofs that leak, etc. there are a ton of hack builders out there creating problems for whoever buys the houses they build that’s why it’s recommended to hire an independent 3rd party home inspector even for new construction.

@Dave Foster - good point@Justin Frye - my feedback is assuming the property would achieve my performance goals even with the new debt service created from of the refi

I'm sure there are things I haven't thought of, and I'd like to create a win-win for me and my friend.Thanks! 

Currently the rear of the garden unit is divided up by walls to create a furnace room somewhat in the middle of it, and a second closet-type room to access the furnace room.

create a plan ONCE you understand your goals and objectives... you might find they change the more you learn about what type of investing you want to do or more important the type you don't want to do...