If the lender is left holding second lien position, they want to know there is value there to secure their loan.My advice is make improvements to the property to force appreciation and wait a year or two for more time based appreciation.

I have always been told to weight equity over cashflow, especially when early in the game or in the building phase.

My partner likely wants to do a solo property next go around, so I'm afraid I might struggle to get financing by myself as I had to rely on them to secure this project's construction loan.

Many accredited investors want to see your failures more than one super successful deal in order to see how you bounced back and what you have learned, as this ensures some more security for their capital investment.

An EIN is good for disregarded entities as you don't have to give out your social security number.The title company likely is asking for a W-9 form instead of a 1099.The W-9 form will mention items like your name/business name, EIN/SSN, entity status, etcYou would then be issued a 1099 by the title company by the end of the year.The next step is reporting the wholesale income on your 2021 return.

Hopefully the security deposit covered most of the damage (at least it’s a pretty cheap make ready. that’s really not a lot more than a simple repaint or recarpet  could run.) it’s mostly the missed rent and vacancy that’s a real killer. 

The property was rented (no previous lease and no security deposit transferred) for $600 a month.

I've always called a mortgage secured to more than one property a "blanket" mortgage.I'm a residential lender, so I also want to comment on this part of your initial post: I don't want to use my conventional slots.

You have the most security with a paid off home.

Real estate investment provides financial security—a reliable resource of capital for further investments.