If you are adding value, the IRR is higher if you cash out in the early years because you have that cash inflow in hand to reinvest (rather than sitting in equity). 

In fact, most loans obtained for these purposes are non owner occupied loans and they may have pre-payment penalties, but that is getting way off base for this conversation.Lets stick to the topic at hand which is about how to set up QB for flip projects.

It sounds like you have a great GC that you really trust to be so hands off.

I appreciate it Danny I'm actually starting with wholesaling because I'm trying to move down to Clearwater area in the next year or so and getting into some more hands on flips.

But they will make their life easier with automating leasing renewals, money transfers and documentation. 

In my experience of buying my own turnkeys and helping other people buy them, I'd say the biggest pickle I've seen people get in is going into it assuming they can be completely hands-off.

He moves in this afternoon, and I'm meeting up with him to hand over the keys. 

But in general, I am wondering the best method to contact this landlord/property owner so as to get their attention and really help them see that my purchasing this property from them would be taking a headache off their hands.

Since a HELOC isn't agency financing, I would be very surprised if it counts towards the limit.On the other hand, a HELOC is great for short-term financing, but I would caution against using it for long-term buy & hold. 

However, generally, if you have a property financed personally, transferring the property in the LLC does no good because you are on the loan.