I also decided awhile ago to be my own GC not only to reduce costs but to make sure that everything is going the way it should be and on schedule.  

I am looking at a 3 family rental property and have a call scheduled with the current owner/investor tomorrow.

You will definitely have a separate payment schedule for your HELOC on top of your existing loan, so expect the HELOC payments to be much higher since they tend to have shorter repayment periods.

When a borrower has a history of receiving rental income from the subject property since the previous tax year, the borrower must provide most recent Federal Tax Returns, including IRS Schedule E, covering the previous two (2) yearsCalculating Effective Rental Income � Any net rental income from the subject property must be added to the borrower’s qualifying gross monthly income after averaging the reported net rental income/loss reflected on Schedule E of the tax returns.� When calculating the average net rental income/loss, any depreciation, mortgage interest, taxes, insurance, and HOA dues reflected for the subject property may be added back to the net income/loss.� If the borrower has owned the subject property for less than 2 years, rental income/loss must be annualized for the length of time the property has been owned.

It works out because everyone is on very different schedules and is usually not in the house at the same time. 

It is nice not having to answer to a boss or work a set schedule but I need a partner to help motivate me. 

Read the Wholesaling post above for more information or search Bigger Pockets or Google for further info.Let me know if you want to schedule a call with me for more information.

With the series, would we still be able to use the schedule E or would the tax filing need to be different?

Let's touch base at Big Daddies, and schedule a time.

It's scheduled during my 40th birthday so it could be a fun way to mark a milestone.