Anyone operating a property management business without a license would be in violation of the law and subject to severe penalties.

Don't try to make big bucks - shoot for $5000 or so... keep it low key and simple.

If so, is this as simple as her drawing from the HELOC and wiring the funds into my bank account so I can complete the purchase under my name?

A very large percentage, perhaps the majority, of mom-and-pop operations here simply pocket the cash and never intend to return a cent of it.I'm sorry to be the bearer of bad news,

My response was a simple question back to them: "would you take $150K today if you didn't need it..

Consider doing JV or tenancy in common (TIC) but that's to be confirmed with an attorney.Bottom line speak with a real estate attorney about the best structure for the deal and ask them to spell out all of the terms and responsibilities in the Operating Agreement.Good luck!

My suggestion is to ensure that the operating agreement (assuming LLC) is very specific about who is responsible for doing what actions.

Escrow accounts can also come into play when a landlord needs to hold tenant deposits, etc. in an account separate from their operating account.

I'm looking into small businesses that will require 10 hours a week and simple business plan.

Not that simple.