It will give my brother an I our first experience taking a lot from planning stages straight through construction.

When I think about rehabbing, financing, property management, and other aspects of the business, it can feel a bit disorganized.I may be getting ahead of myself here by thinking about documentation and systemization, but I'd like to have some kind of mental framework regarding how to think about the different aspects of real estate and how they relate to each other so that I can have a bit more structure in my thinking. 

Your book recommendation will absolutely help give you a head start on being an honest and ethical landlord. 

You would be money ahead to increase your loaned amount by the 5k and not worry about points and stay at the 2.75% as it would only increase your payment 20/month roughly to go this route. 

Patrick,Just a heads up, no lender that I have found will let you do a HELOC on a rental property.

Do I literally show her the local rents or do I just tell her straight up "this is what the rent will be.

If my wife and I were represeting them on the sale of the farm we would have sniffed this out straight away. 

Median rents for 1 bedrooms 1498$ and 2 bedroom 1829$ for apartments. Yay! I love a good income increase : ) https://www.kvue.com/article/m...

You have one compressor and a "head" in each room.

I would strongly suggest talking to someone in the permit department at the city to get a straight answer.