Like others have mentioned turnkey is a great option, there are several providers that operate east and north of you where the price points/rents are more favorable while laws remain landlord friendly.

As long as your credit is good you, if your HELOC rates go up, you should be able to rinse/repeat that "0% balance transfer" option every couple years until the debt is paid off.There are alternatives out there as wellLoan on your 401k or IRALoan on your stock accountDown payment assistance programs that provide all or some of the downpayment money.

The management company just happened to be hooked into the deal with Growth Equity group and they also provided the interest only hard money loan for the balance of the purchase price. 

Mortgage lenders that provide the IRS with 25 days’ notice of an impending foreclosure can avoid paying off the tax debt when seizing the debtor’s real estate.Unlike other unpaid junior liens, the IRS’ security interest isn’t terminated by the property foreclosure.

If in 7 years they want out and the note comes due, I should be in a position to not need to add extra money to keep the deal.

I am available to answer any questions you may have regarding this disclosure and can provide documentation of my degree and employment if helpful.Sincerely,Jonathan C.

Profitability can also be enhanced on a sale (sometimes) if we choose to provide owner financing or wrap financing.  

I'd tell them if they want you to pay $8K in closing costs, then they need to up their offer to $224K to cover the extra $4K in closing costs.What does your realtor suggest?

Prior to speaking with an attorney you need to learn how the syndication model works.Underwriting, LP/GP structure, fees, etc.A great book is Best Ever Apartment Syndication - textbook for this business.Happy to provide more insight on the process, if you want to send me a DM.

As such Schedule E does not even provide a line for wages/compensation (employees), the implication is a passive activity cannot have employees.