You essentially intend to fix it up and put new tenants into the property, so the existing numbers aren't as relevant. 

Get a duplex or similar that you can get some rental income from while you live there essentially for free. 

My question - do I need to follow all the rules that come with the SEC/Syndication or if because it’s essentially a personal loan or hard money do I not have to?

Tenants are happy about the new high efficiency air conditioning they'll benefit from this summer.

Live and learn I guess :)Currently I do not have a LLC set up for any of the properties, by setting up the LLC at this point would it provide me some inherent benefit to set it up now?

Hello BP Community,I wanted to reach out and get opinions from local flippers/rehabbers who have done accessory unit additions in orange county california.I have gotten quotes ranging from 150-200/sqft to almost 250/sq to build a new accessory unit and I am trying to dial in a better estimate to figure out what the cost/benefit might be and if this might be a deal. 

No benefit to closing it out. 

This way I’m protected that I purchased low enough while the owner can benefit from the upside if I surpass a certain number.Has anyone ever tried to do something like this?

Might have to educate him on the benefits & tax advantages of owner financing but worth the shot. 

Bear in mind, though, that this is wealth building and you will not be able to fully enjoy the benefits of those investments for some time.