I have Cash ready to invest either for down payment or full purchase and i am shopping around at the moment. 

Ive studied for quite a while now, and Im ready to dive right in.   

If you are getting ready to list and sell, you need a real estate broker that knows the market and can advise you on the expectations for condition and finish level in your area, not a partner.

I'm ready to pull the trigger and have analyzed a lot of properties.

Most coop (and that particularly true for non Manhattan coops) are practically companies ran by unpaid volunteer amateurs...a coop is a company which own a building and then lease it's unit back to shareholders...in many case you'll have a school teacher board president with an art director as a treasurer...great people with very little experience in running a company...5.

I can count on one hand the number of units we have rented over the years that have been ready the same day as a move-out. 

Especially since you don't have to be super picky about location until your kids are ready for school.

I had the money in the bank to cover it, but it took much longer than expected to get it ready to rent.

Carrying cost would be about $1300 a month it may take me 6 months or to get it rent ready.

He has a 400k HELOC ready to use..Question: What is the best way to structure this??