With that being said, every deal is unique.

For that reason, you should make the LLC unique for each property.

Bonus depreciation is a great friend and I hate to see it go, but it does not serve any more meaningful purpose, than MARS depreciation.1031 is safe, it has been around for a long time and it is not unique to real estate. 

Most developers have brokers hunting land and bringing in deals regularly so the chances of finding something unique or of value to a developer is going to be an uphill battle.

Such collaboration calls for synergies that would allow each partner to deploy his or her unique skills set for the benefit of the partnership.

The credit unions in Grand Rapids are ok but since they do some many other things in addition to mortgages I have found that they oftentimes are not the best resource for people in unique situations.I would recommend you reach out to a mortgage provider such as Treadstone Mortgage in Grand Rapids to see what they would advise you to do.

Based on the unique need of the seller, you structure a contract that benefits and protects you while simultaneously meeting their needs.

Pay close attention to the repayment terms of your HELOC because they can vary wildly.  

My question is, how should I word the repayment portion to reflect that the principal and interest will be repaid once the property is refinanced since the banks are taking a long time to close these days?

My thought is that I should pay them to avoid additional penalties/problems and I am hoping that they would legally be required to repay them to me as part of a redemption total.