Short periods with balloons being due at the end are the norm.

Staying with one trusted operator has enabled me to scale efficiently.

It's going into escrow and will be released after our 45-day inspection period, should we decide to complete the sale.

Lacking any one of those can cause you to invest in a shaky project or lose your investment (foreclosure is an incredibly expensive and drawn-out process).Another cash flow option is to indirectly invest in real estate via a Private Real Estate Fund.Investing in a private loan fund:Pros: You gain a real estate asset managed by professionals and avoid the risks and illiquidity inherent in the direct investment.Con: Your investment funds can be committed for a longer period of time.

I will always include an inspection contingency / study period to protect myself... with a duration in excess of what should be necessary to complete the due diligence.

My question is what things can I do during the initial rehab period to help work towards possible condo conversions in the future.

I just give him a good discount on his rent, and water him with some good gifts periodically. 

For this purpose, the adjusted basis for determining loss shall be the lesser of either of the following amounts, adjusted as prescribed in § 1.1011-1 for the period subsequent to the conversion of the property to income-producing purposes:(i) The fair market value of the property at the time of conversion, or(ii) The adjusted basis for loss, at the time of conversion, determined under § 1.1011-1 but without reference to the fair market value.

And then something happened on the way to the bank...HELOCs are typically only a 10-year amoritization period. 

It tells you that you assumed that the next 15 years of your holding period, that your CASH FLOW NEVER CHANGES.IF someone gave me this IRR Spreadsheet, I would just walk away from them because it's total B.S.