I've been working informally with a financial partner who is also interested in this deal.I was hoping to get advice from the community on how I need to establish the partnership agreement. 

Focus on paying high interest loans and on maximizing your income, that will help your financial position when applying for a loan. 

This idea caught my attention as I am currently not in the best financial situation but am willing and hungry to gain the specialized knowledge of not just this one method but of all the methods available in REI. 

The HELOC I have has a maximum of 96k available and I also have other cash saved I can quickly access in case I need to in case things go wrong.So to get to my question...I'm trying to establish a good financial history for an LLC that I formed at the beginning of 2018.  

From a financial standpoint, this is an awesome deal.

The goal is to become financially free and have multiple long term properties paid off!

@Joe RuggieroNote my advice may not be the best Joe, heck i am a newbie in this world of multi family real estate with only 3 months of track record in this journey towards financial freedom, but maybe some of these tips would help (fingers crossed Joe)Try doing the following...

He says his name is Bryan Chambers from Chambers Financial located at Rathdrum, ID.

I have recently become financially conscious after getting myself out of a mental stalemate caused by what felt like unmanageable student debt.

The de minimis safe harbor rules (deducting tangible property costing $2,500 or less, $5,000 or less with an applicable financial statement) don't make a distinction between units being currently rented or under renovation as far as I know.