But if you have to jump through hoops or spend a significant amount of money to put it in might not be worth it. 

Future enhancements include the planned Silver Line rail alignment with nearby stops, as well as potential commuter bus services, pedestrian paths, and bike lanes.The development benefits from proactive rezoning by the city, transitioning the land from industrial to mixed-use urban development.

That is our plan with all but 1 property. 

You need a management plan in a market to make it viable.

As a result, I would spend more time trying to understand who they are partnering with than anything else.  

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

You Can Only Have 35 Non-Accredited InvestorsRule 506(b) allows an unlimited number of accredited investors but restricts you to only 35 non-accredited investors.However, there’s a catch:Non-accredited investors must be financially sophisticated.They must have enough experience to evaluate the investment risks.From the SEC:“Securities may not be sold to more than 35 non-accredited investors… [who] must meet the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment.”If you’re planning to include non-accredited investors, make sure they qualify—or you could be violating SEC rules.3.

What's the plan with the property?

Are you planning to invest there?

Asking strangers how to spend your money is a fool's errand.