We feel that controlling as many aspects of the business in house will allow us to generate larger profits, and have all the separate arms of the business work together, feeding each other and creating a synergy.Trying to figure out how to explain that to my wife and small children (LOL).

The owner from talking with him is more interested in unwinding his estate and creating an income stream for grand kids which is why  we are thinking this may catch his interest. 

With that being said, a HELOC is a line of credit which means that it's not debt or a loan until you use it and create debt.

Here’s how it works:You create an LLC.

If we create our procedure now, then should we be okay to let everyone know of the max 3 occupant rule or do we need go through work history, then credit and criminal background checks first?

Then take next best highest and use tenant and figure out rent per sq ft they could pay.You could possibly sell the land to an end user tenant, sell the land to a developer and make a spread, ground lease the land, or do a NN or NNN lease and construct the building.You need to analyze the tax implications of selling outright and paying higher short term gains capital tax versus developing and then converting to a new value created loan of 65 to 75% LTV.

I want to build a portfolio of buy and hold properties, single families to four plexes, in order to create passive cash flow for retirement and create generational wealth. 

Mix and match textures, colors, and pieces to create breathtaking space.

Only a few states have the charging order as sole remedy that would create that great layer of outside protection.As it is generaly better to have the LLC in the same state than the property, if you are in a state that does not offer charging order protection, it is then advised to open an holding LLC in a state like WY or NV that will own the LLC to create that outside protection.You can create the LLC(s) yourself for a few hundred dollars (depending on the state) and have an attorney draft a good asset protection operating agreement for around  $1000 to $2000 depending who you choose.

What I wrote above does not create an attorney/client relationship between us.