I seriously doubt the bank is going to work with you as an individual contacting them unsolicited.

If you look at this first property as a buy-and-hold, you will have cash advanced on the line of credit that won’t be completely paid back to $0 and you will have your own cash in the property for improvements that you won’t get back out until you sell the property.2.)I’m going to throw out some possible terms, though I want you to know that everything is subject to final credit approval.Option 1) If you are wanting a line of credit secured with the autos, we will need to establish a financial covenant something to the effect of the line will need to rest at $0 for at a minimum of 10 consecutive days.

Example, we bought a hotel that had a cap rate of 4% based on their financials .

What are the financial terms?

Look at the deal - it either makes financial sense - or it doesn't! 

In the meantime, the owner is too far underwater (or dead) to do anything with the property.Rarely do owners who are financially sound just let a property sit in disrepair.

Sure, you can classify yourself as a real estate professional or setup a property management component and pay yourself a salary that could convert that passive income to earned income, but it generally does not make sound financial sense to do so.The gig work could potentially support a Solo 401k.  

Buildings look to be in good shape with 10+ cap rate ,all the financials looks great and I would be hiring a property manager to manage the property but me being from out of town wanted to get a general feeling for those area and the type of experience you guys have had or any other cities that's with looting into in Connecticut .

I am looking for an investor friendly CPA around the Metro Detroit area who is familiar with setting up entities such as LLC and Trusts to help me get my financial house in order.

@Josh Mitchell I think you have chosen a great niche, especially if you have potential financial support already lined up.