bottom line is plan for the worse hope for the best. 

If needed (this shouldn't reallycome into play as plans are already being drawn)Keith Walker

this could be a good solution but you should still at least break even with LTRs as a backup plan. note that even a breakeven deal is only breakeven for a short time. rents go up, mortgage goes down. you could also start looking offmarket!

A few of the reasons I’m planning to do this are. 1.  

I’m a real estate attorney who has helped clients with large master planned developments (single family, multi family, commercial).

The build costs have to correct or the land prices do, we don't have much of this inventory on the horizon either with the general plan.

My current plan is to schedule a basement specialist to come out and give a quote/inspection.

We plan to move from here to a bigger place regardless, which could make the rent closer to 4000/month. 

Would appreciate advice on whether or not I’m going in the right direction with  the business plan Iv created.Other topics I’d like to discuss… -Should I start an LLC before first purchase.

Also, what I meant was I am looking into using business funding NOT business credit.I just want to assist my partner in some additional funds to rehab the property under a conventional or 203k loan (light work not an entire rehab since there are two types of 203k loans) instead of going to hard money lender because we plan on living in it for a year under and then selling it.