Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

You have engaged and paid securities attorney and are compliant with Reg D offering 

We have not been able to secure financing and had conversations about it.

The premise proclaimed at the start of this thread is simply not supported by mathematics with the exception of the specific case where the interest rate on the HELoC/secure LoC is sufficiently lower than the rate being paid on the mortgage.

He is securing expensive debt, not debt through a bank, isn't putting any capital into the deal and structuring the equity investment in a highly risky manner without any upside offered to the investor.

For example, the most important job of a property manager is securing reliable tenants—those who stay for many years, always pay rent on time, and take good care of the property.

The lender lent based on them being one thing which secures the debt.

If you can find a current broker to bring you along that's likely best, but just going to events like that will show you the players in your market. 

If you're living in it now, you'll probably be required to have a signed lease in place as well as proof that first month's rent/security deposit were collected in order to get a DSCR loan (they're business purpose loans and don't allow owner occupancy).

The proposed $38.5 billion deal would combine two major players in the U.S. convenience store market, potentially controlling 20% of the market.7-Eleven, the largest U.S. convenience store chain with 12,601 locations, currently holds 14.5% of the market.