Make sure to ask the bank if they will report the business card to your personal credit report. 

Let’s just say for example purposes there was 500k to work with. 

I have not done too many deals in your market, and I anticipate things are nuanced depending on the property type and condition and based on the personality of the owner....BUT it is common and customary in my world, which is usually retail/med office, for tenants to have at least some time of free rent during the buildout.We usually structure things as follows, and you can change the number of days around but this is traditionally what we at least shoot for when we have a tenant we are repping.- Lease commencement date is to be the 6/1/24 or when the landlord's work is complete. and we traditionally have penalties in place if the LL's work takes too long and pushes us past our initial timeline.- then we typically have "rent commencement" or when you start paying rent, to be the earlier of either 180 days following lease commencement or when you are open for business.  

I was wondering what everyone's experience with establishing a legal entity for REI has been like, and when do you recommend a person to do so?

The property is a great deal so I'm hoping to refi down the road in the event interest rates come down to a reasonable value, then maybe repay most of the personal loan at that time.

I must not be the first one that is concerned about personal safety.Thank you!

Essentially my idea would be to sell 1/2 my interest, pay off the existing loan, and be "partners" with this person as long as there is a defined exit strategy. 

He left behind some personal items and took a few of ours (it was partially furnished). 

As far as I am aware you can rent by the room in phoenix, I am not aware of any unrelated persons ordinances but you can check with your municipality they are usually starting at > 3 people that is what I believe would limit rent by the room.

It's considered personal property, it's not attached or affixed to the property like a site built home is the best I understand it