Fast forward three years later, we are on our second set of tenants.

However, if my intention is to use the equity from said HELOC/Home Equity Loan as a down payment on a rental, doesn't it make more sense to take a fixed rate Home Equity Loan so I am not subject to the adjustable rates of a HELOC?

You as the new developer must prove to yourself that the 24 units in fact is real and can be built without undue cost, time, and political risk.I would ask to set up a meeting with the city planning department, have your broker and architect go with you, ask as many questions as you can about:A.

For example, I've worked with real estate investors to set up automated long-term marketing to sellers. 

But if the timeline calls for 6 months, you can set the penalty at  6 months and two weeks, sot hey have some buffer then add the incentive if the finish in 5 months. 

Whoever is you PM can do this as you instruct.As @Linda Labbe states there are a number of possibilities for how you set yourself up but they are very dependent on your personal situation and what you are trying to achieve.

Brett Snodgrass Thanks for the offer to talk about setting up a meet up.

We are looking for some creative ideas to set her apart from the pack, and get some sells under her belt. 

I am looking for an attorney in the Skokie or Chicago area to help me set up the LLC for my real estate business.

From you post, it sounds like you are concerned about resale value - if you want a 2nd set of eyes on the numbers and possible resale concerns, let me know - I'd be happy to take a look.