This includes make ready repairs, WO, cleaning, utilities, landscaping, and capex (not much) etc.

Can I create a legal document which allows the neighbor to utilize this land with the understanding that it is legally mine.

@Ray Reed Supposedly the house is a legal 3 family has all utilities separate.The price they are selling it to me I get everyone telling me that it’s a good price for this market. 

It would be a shame for tenant and I both to not utilize these programs.

The numbers I've ran show there are several units in my areas generating +$1k month in positive cash after paying all expenses (mortgage, ins, taxes, any utilities & 1mo vacancy/repairs, self managed) using anywhere between $45k-$55k down to achieve 20% on a 3% conventional loan. 

Does the building have split electrical/gas utilities? 

Looking for some finance advice on this question to make sure I do it right and don’t get into some weird tax situation:I have a HELOC on my primary residence (held in my own name) that I would like to utilize to buy some deals.

I was curious to see if anyone had any suggestions on the best financing to utilize for our first investment property.

Pay out mortgage, taxes, insurance, utilities, maintenance, management fees, etc.Savings: transfer the security deposit(s) from checking to savings and hold them here so you don't accidentally spend them.

I will guess that by the time you get building permits and complete your improvements your cost will b no less than $250,000 and you lost one year of rental income and you will have to pay for utilities for a whole year and maybe run into many huge unexpected expenses.If you really want honest opinions then post all the realistic numbers for your plan.