Our priorities are 1- fixes for safety or to prevent further damage; 2- fixes that improve the rental income or will draw great tenants (we're turning the studio to a 1Br to increase rent), and 3-things my wife wants for customization/aesthetics (happy wife, happy life).Some specific questions I had so far are:1) We have a modified bitumen roof. 

Such investments would be wholly for the plan's benefit and not anything you would draw on personally at the current time.

.- 2 Bed / 1 bath 800 sq ft to be upgraded to 3 bed 1.5 Bath (additional 600 sq ft) - Architectural drawings already approved- Currently in inspection period, so looking for bids- Potential to lead for long-term business in the areaCall me or PM at your earliest.

Sellers wants the down payment in their pocket right away. so do I create an escrow that also draws up separate loan docs for the balance  - I want SELLER to continue paying their small mortgage, but give me possession of the property to rehab it and pay them off everything when I finish rehabbing, sell house and escrow closes.

Are there any draw backs of an LLC owning a property? 

Do you just draw up a note and get it notarized?

Ended up with two separate lines of credit that I can draw against only when I need them. 

Draw up the contracts.

The first thing you migh need to do is walk your existing property and identify every single existing room with exact or near exact measurements noting in particular walls as some can exist as load bearing walls, important structural members for the exisiting structure, Make a scaled down drawing of the exisiting .Use for example 1/4 inch equals to 1 foot.

Even if you have a project designed for you the design still needs to be brought to a structural engineer for structural calculations and structural drawings in order to present your project to your local building department for approval.