The restaurant expenses are getting too high that now they're dilemma is whether to refinance the HELOC, do a modification on it  for financial hardship , or sell the house to pay off CENLAR (loan administrator) and put the difference as a down payment somewhere else.    

My first step would be to hire a really good attorney and pay him to comb through the bylaws, board minutes, financials, etc.

My background is in Finance, Valuation and Strategy and I have spent most of my time working in corporate, as well as one year on Wall Street... which all equates to not much real estate deal experience.I am most interested in wholesaling, BRRRR strategy, and finding a financial way to take down some large cash producing assets/portfolios.I am looking forward to gaining and sharing knowledge with everyone.

Would this allow me maintain all financial decisions regarding the asset, without risk of getting sued or removed from the entity?

Any guru can open a 506b and raise $ and steal it from investors pretty easily and it is never vetted since it’s exemptWe also prefer 506c’s to b’s because of the solicitation requirements and the Reporting of a b with the financial audit requirements etc get very pricey.

Living here is great for my financially, and it also gives my parents peace of mind knowing the house is being looked after.

Finding a partner that will share that plan and contribute financially going forward will be your smartest move.

@Jordan l@Jordan Leithart If you're going to invest out of state, my advice is not to choose a market based on the fact that you spend a lot of time visiting family there but base it instead on whether the market fits your criteria and offers the best chance of achieving your overall financial objectives.

Cashflow=Rent-PI-Taxes-Insurance)Of course Brandon's approach brings more peace of mind, and make more financial sense, but I would like to hear some different perspectives on how everyone out there is calculating (and taking decisions) around these ...

That said, even though they don't show on credit, when applying for new loans, it's still disclosed through the personal financial statement, tax returns, and bank statements.