Onslow County is home of Camp LeJeune (Marine base) so there is always a big need for more LTR rentals.

You can get a refi based on the as is value after 3 months of ownership.

However, these programs typically qualifies borrowers based on their income, such as tax returns.The DSCR would be a good option considering you and your husband are entrepreneurs and the tax returns don't look good on paper.

Based on 27.5 yr straight line depreciation, that's about $1,700 of missed annual depreciation; $25,000 over 15 years - and at an ordinary tax rate of say 30% tax could amount to $7,500 off my current tax bill. 

I've been a licensed agent here in Maine at the Augusta-based Pouliot Real Estate for the last 2 years, but began my real estate career in Savannah, Georgia (my GA license is currently inactive).

@Aaron Zimmerman Good point about structure set up and determining cost bases.

I'm a new real estate investor based in Calgary looking to network

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

The information provided is for general knowledge based on my experience and should not be considered tax or legal advice.

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.