In order to not have to put any of our own money into this deal, we intend to leverage the equity of my Grandma’s home as a down payment for the loan.  2) Should we leverage a construction loan or some other form of financing? 

@Pradeep VelugubantlaMany considerations, such as your preferences, investment goals, and unique circumstances, will determine which state is best for you to establish an LLC in order to engage in real estate.

What made you interested in investing in this type of deal?

Have you made the transition to two fridges or had the one been operating just fine for your ratio of tenants?

Purchase price: $415,000 Cash invested: $65,000 Sale price: $515,000House hacked with this beautifully remodeled duplexWhat made you interested in investing in this type of deal?

yes rents have gone up slow but it has allowed me to buy over 300 of these in the last 25 years and has paid off very well for a guy that just made it though high school.

All investing is deploying capital in order to get a return based on the risk in the investment vehicle.

Borrowers have to pay their HOA I am not from Florida either but I believe most states allow the HOA to foreclose for non payment of dues most states give HOA's special foreclosure laws that are stronger than a simple lien in order to give the bank 1st priority otherwise an HOA is a document recorded prior to the first and would hold priority if they didn't sign it or legislate that position away.

We need to secure loans/mortgages externally in order to get started so wondering if we should start a company/partnership or if it’s best to do this as individuals.

I will chime in, I do know a investor who bought in K.C.M.O, 20 st and   Broadway zip code 64108, took on some  huge old houses turned them into apartments   they are  all are rented getting top dollar  .They are  rebuilding and   young hipsters are  moving in it seems to be expanding  .They have loft apartments  being made out of a huge old buildings they  are sold out before  finished ..That are rolling out street cars for downtown that helps big time!!