Per my discussion with him, interest is due monthly based on the balance of the loan, and the HELOC is renewed annually.I’m not sure I fully understand how the payments for the HELOC would be calculated.

I have been working there every day after work (5pm-8pm) for about 5 months now to learn first hand how to properly acquire, rent out, and exit multi-family properties. 

It all comes to what you are investing in, what is your experience with that, and proper due diligence... 

A balloon mortgage that does not fully amortize over the term of the note, leaving a balance due at maturity, so placing those extra investments (7,000 extra payment) in a better place would be more beneficial for you.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

David, We are NOT a Crowdfunding site but hope this is helpful and offers you an alternate option.Syndicators that use a 506B SEC Exemption and allow sophisticated investors into their syndication after establishing the proper relationship as 506B Exemptions require having a substantive preexisting relationship before you can co-invest/co-own with the syndication team.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

Richard,Assuming that everything was setup properly the 1099-INT will be issued to the 401k Trust EIN, not to you.

We are primarily hoping to get new homes but will not exclude used homes that are in good shapes or new buyers who will get the appearance proper in our park.  

You need, however, to learn how to structure these deals properly, use a qualified syndication attorney so you don't get sideways with the SEC or your state regulators, and to build a network of investors.Building the network of investors first is the critical step.