Are they a couple and have already been living together for a considerable period of time, or are they roommates that have lodged together? 

Instead of thinking about some city where you know no one and can't get there, drawing a map out, within driving distance, can help you find up and coming areas with better in prices and decent cash flow.

How can I 1) pay the turnkey, 2) where to put the money for draws, 3) keep the equity difference after appraisal? 

Have an attorney draw the document and the operating agreement.  

Today, I have a $421,000 HELOC on my primary with Keybank, 90% LTV, 15 year draw period, and a interest only rate of prime minus .25% with a floor of 3.99%.

The two biggest considerations are closing costs and hold time.

I will draw a distinction here that there is the topic of having an emergency fund for your business(each rental property is it's own microbusiness) and a separate emergency fund for your personal budget.

So far I've only found that I need to request a RS3 permit change to RS4, and look for an architect to draw up plans.

I just got a property under contract in the Daytona Beach, Florida area and am looking for a lawyer to draw up paperwork for my hard money lender.

She had hired an attorney to draw up the contract and he informed me at closing that the lady had changed her mind and needed to raise the interest by a point and half.