My loan officer (I know...) said that people will let title know ahead of time and then complete the deed transfer immediately after closing.

Hey Eddie,I am a loan officer in CO, licensed in Colorado, Arizona, Arkansas, California, Florida, Kansas, North Carolina, Tennessee, Texas and Wyoming.

When you are putting less than 20% down you have to escrow your taxes and insurance into the loan & payment.

I'm buying all cash, no loan.

Not every inconvenience in our life is someone else's financial responsibility. 

So, acquiring the property for a $2,100 cost with potential earnings of $2,900 is acceptable in your evaluation, provided there is sufficient financial backing to cushion any potential setbacks.Thank you, Frank! 

What is the effect of the (huge) financial benefit he's receiving on the partnership?  

We are interested in someone who can provide a second position loan of on some of these.

You also should prepare yourself (financially and otherwise) for this tenant to holdover at the end of the term.

HELOC are generally balance sheet meaning the loan is held on the lender's book, not sold into the secondary market.