Yes, many investors will want it, but I know of groups that put $0 of their own money into syndication.  

I would like to know from other experienced investors some suggested books that highlights mindset, preparation for recession, finance and all things real estate.

I know in Texas we update our lease agreements about every 2 years as more issues come up. 

Local banks and credit unions will be the best place to check for this.As for the strategy, using a Heloc for the downpayment will get you into the deal, but how do you plan to get out of it if this is a long-term hold?

My friend does not know the owner personally, but has a friend that does.

(I don’t know if a regular warranty company would use this as a reason not to cover you as well, especially if the repair was expensive.)

It's really hard to say how rates swing in the short run, but the expectation is that rates will come down.

I know the property was a good deal.

The loan amount would be between 900k  - 1M which means it is just under Agency guidelines (know fannie goes lower but I don't think its worth the headache).

Hello Ayoka, You can deduct certain expenses related to the rehab of the property, but how you deduct them depends on the nature of the expenses.