Question: How can I control the property & keep the exiting HELOC in place but prevent the seller from utilizing additional credit from the HELOC?

Because my parents and I lived in the same building I left approximately 1,100 sq ft open that both families could utilize.

This is a B- area of town.I will remove the water utility from the projections, I do plan to self manage for at least the first couple years but want it to still make sense if I used a property manager in the future.

We provide one sheet with our contact info repeated and the contact info for utilities.

@Julie MecheDo your own Due Diligence you can be successful with the right team in the right market with the $40k investment and or 30% down and utilize the $40k cash as leverage and purchase more properties.

I'm not so much looking at downtown Pontiac mainly the sport within a mile or so of 75 and university.

The holding agreement should state that the holding fee will be used for security deposit and first month's rent upon signing of the lease or forfeit (at least 50%) if they back out. ...The only problem with a holding agreement occurs when you want to have the tenants get the utilities into their name before the move in and the utility companies require a signed lease before they will put the service in the tenant's name. 

I wanted to utilize everything pro has to offer (calculators, marketplace etc.) to grow my business as efficiently as possible.I currently work for a local utility company full time for 20 years.

Now I'm living in his house and my house is basically unlivable due to the kitchen and baths being completely tore apart.I've been living in his house (only paying utilities) for the past four months while trying desperately to complete a bathroom so I can move back in and out of his house.

This is not a good deal, but I do think one could improve the NOI by reducing the electrical utility expense and make the tenants pay for that.