Had I sought out help and run my decision by others it may have prevented a big loss.

If the JV agreement states shared profit and losses, does that override the fact that I'm the managing partner?

In either case, using hard money or a HELOC you're still putting yourself at risk for a loss so make sure you run the numbers properly. 

Food for thought. 

If you operate your rental property for a few years and then expect a windfall when your property is bought by a McDonald's, again the benefit of the gain being tax deferred will more than compensate for the loss of a depreciation deduction.Give serious thought to your exit strategies and how long of a period you plan on holding your assets before deciding which types of investments are best placed in which accounts. 

Check with property managers, multi-family real estate agents and appraisers.Then get profit and loss statements from the original owner.

Wow.Your only real leverage with collateral holders is the potential loss of collateral or at least their claim to any of it's value.  

Just some food for thought.  

What happens when you run out of food, and your grocery store runs out of food, and the power goes out?

Food for thought!!!