The Operating Agreement must contain language sufficient to address IRA-related issues concerning Prohibited Transactions (26 USC 4975), The Plan Asset Rules, the allowance of subsequent or additional Capital Contributions and Unrelated Business Income Tax (including language that ensures that the Manager of the LLC will prepare and file all necessary tax forms with the appropriate taxing authorities, Federal, State and local).

I was wondering if there was a way for me to take over his HELOC to have a lower monthly payment or if there were any other creative financing methods that someone could recommend for my situation.

I did so to ensure I’d have ample liquidity to jump on other deals when they come up.

At this stage I think it makes sense for me to generate income and build capital, so I might focus on creative wholesaling until I have the means to acquire a property I can flip and get the ball rolling.

What can I do to ensure everything goes well? 

I would also be careful if you only have the 20% down and do not have cash reserves, things will go wrong its real estate, you need to have additional cash to ensure you can cover "what ifs."

My team and I are looking to get our second property under contract and it's a mixed use building- Store front w/ residential apartment up top, and two single family homes attached- very strange...Here's what I know before visiting the property:- It's downtown in a very mall city with a historic board- Separate meters for electric- One bill for sewer and well (I'm assuming it's county sewer but will investigate further to ensure not a septic)- I'm going to ask for the leases and ask the renters what they're paying for rent.As a mixed use building I'm assuming I'd need to dig into the store fronts financials to ensure they're capable to afford the property.

I recently divorced so things are a little tight and looking for creative financing options. 

You as the landlord have to ensure that the move out process is orderly (hire a moving company, etc.).

Money Down" was extremely helpful, especially in stirring the creativity pot and helping me figure out ways to reach out to my current network to put some money together.