He has around 40% of the cash needed to close and he is letting in family/friends on the initial investment(other 60%) to close the land for some equity in the project.Here is what he is proposing: 6 family/friends(includes me) should open a LLC and put the 60% of money required to close the land in the LLC bank account.

But once you re-fi, you pay your HELOC back and either close the account or use it again.  

This is without accounting for repairs, vacancy or a PM.

There are a few of us locals trying to start a regular happy hour, keep me accountable, gathering.

Mainly have tenants deposit rent directly into my bank account.

I would recommend you make short question summaries of your current situation and post them on Avvo for free (takes about 1-3 days for Lawyers to respond) and break your situation up into short segments that way you have multiple topics and various lawyers giving you their opinion.I work as a junior accountant I'm sure my co-workers (CPAs) won't mind answering a few questions.post your questions here and I'll get you some feedback.

Short version: when calculating return on a mid- to long-term rental property what sorts of fees do you account for?

@Annette Hibbler Account Closed Ok, so far I've only had two calls out of 200 mailings.

In an effort to keep myself accountable to the goals I set in Brian's thread, at the beginning of each month, I am going to start a thread recapping my previous month with the purpose of reviewing: What I accomplished in the previous month to help me achieve my goals.Where I fell short of my goals last month.

Open a bank account.4.