Definitely need to track that basis for any potential sale down the road, or for the reasons you just listed.

Taking these steps prior to mailing the sellers will result in you saving time and encountering less unwanted "surprises" down the road.

So my primary question is, what is the most beneficial way and what exactly would the process be of using a HML to purchase a turnkey property and then I'm guessing, refinance out of it later down the road to pay back the HML?

Account Closed I am so glad that you asked me this question as it forced me to pull out a pad and a pen and actually write down my road map (I have a bad habit of not writing down my goals and just keeping them in hindsight which sometimes, they end up getting lost; in hindsight).  

Lesson learned that paying rent on time and keeping the apartment in good shape might pay off down the road.

Goals will not be achieved if you are always planning to accomplish them down the road.

You could always refi down the road to lower your payment if you had.

The vacation rental is attractive to us, but we won't use it as we live just down the road.

I thought I'd probably setup a Partnership LLC, so that we don't run into issues down the road.

Here we are 20 months on the road and I am about to finally complete my journey!!!