Also, will you be using a property manager?

If you are using a cleaning company that flips 100's of units a day, they have employee turnover and lots of different houses and/or issues.

We would be using a HELOC for our portion, so some of our cash flow will be eaten up by that payment.

Contribution into an LLC should not be a problem - I'm guessing that you're using a disregarded entity LLC and it's not filing a tax return anyway. 

We own a duplex that we put $150,000 down 3 years ago using a HELOC that we still have access to on our primary residence that is now paid off. 

Also, if using a fireplace as a heat source, the tenants will need to store greater quantities of wood.

This is the first time I will be using a hard money loan lender.I was hoping to get some thoughts on the proposal i received.Thank you!

I will be using a Title attorney of my choosing as well. 

My wife and I are purchasing a condo to use as an short term rental.we are using a heloc we had because the interest rate Is much lower than anything we could find today with a conventional loan. so we will be buying the condo “cash” but paying back our heloc with monthly payments. my question is, should the title of the condo be under the LLC?

I think that you are also correct about the owner still trying to salvage his flip by using a "friend" to win a short sale because he hasn't made a payment for 14 months and the interest rate is a whopping 22%.