When I reviewed the actual TD, it said something to the effect of "this TD secures a  maximum of 501K in debt" since it was the TD securing a LOC. 

As a newbie looking to do my first BRRRR or Fix & Flip, I'm realizing I'm not sure what the proper protocol is with regards to lining up cash for the deal first (hard money) vs getting a deal under contract first, then securing hard money.

The tenants can have a security system in their unit, if they want, but the common areas are used by too many people to have a security system. 

Please correct me if I’m wrong, so the idea is to gain experience and knowledge from this paid walk with GC so we get the ballpark numbers and make offers in future without having to involve a GC anymore in the analysis.At what point in the process do you officially have your GC involved?

I honestly thought that was a great way to put it in perspective.Separate PointI did disagree when they said pulling out the equity makes the investment more secure.

It has links to your state laws so you can (and should) read them for yourself but it also includes summaries of important laws like how to handle security deposits or evict tenants for failure to pay rent.

What bank should I put the security deposit it away in, big name or small community bank?

I am saving up enough to cover 12 months of the mortgage and bills and putting them in an account separate from my finances to cover any periods that the other side is vacant or not payingBut I also can secure my future with this property, if done right.Please help!

Hi BP Family,So I just closed on my first multi unit deal with two tenants in place, one of the tenants has been there for a long time and the previous owner never took security and last from them. 

You also have their security deposit, perhaps you can negotiate that you keep it to help cover closing costs?