Develop an operating agreement that spells out the purpose of the LLC who has what role, who makes decisions, how are differences between the two of you resolved and an exit plan.Have an attorney draft up the document so each party is protected.  

I think that is a good financial decision as long as you don't blow that money on something else.

What are average HELoC rates (Im in NY but curious of rates to expect)He would be silent for the most part, covering the funding - my down payment I would hold the title of the property and be the primary decision makerThank you in advance for any advice as to how to structure this type of fundingLet me know if I should just use a bank mortgage instead

Helps my decision making process.

You need to answer all these types of questions and come up with a good strategy and make a decision.

I have traded the market for 17yrs and have been following it since I was 15yrs old looking up charts at my school library. 

There are times when interests rates rise, but the cap rates do not adjust accordingly, e.g. cap rate is 5.5% and debt is 5.0%.They could be also be alluding to high yield bond spreads, which since they are traded daily, could help provide a proxy for RE investor expectations, and thus offer a glimpse into the immediate future of RE investor expectations moving, and cap rates changing accordingly.

There are different situations and different models for income/outgo, and different markets for cost/rents where an analysis that is as general, and can best be described as using "fudge factors"...then making decisions based on that "fudged analysis", should probably be flushed out from the start. 

My dad was always talking with me about this "Real Estate" subject and it was very boring until I opened some books and actually saw what opportunities are if you take good decisions and think on a long term.

How would I go about hunting down the decision/settlement between those banks?