You are licensed and need to disclose that to the other parties in the transaction as well as run the deal through your brokerage, unless your employing broker says otherwise.

If this is fairly straightforward, we can then pay down the HELOC and then rinse, repeat with a third property when the time is right.    

Third, are there loans available for 80% LTV in this situation. 

My understanding is that both parties who are entering into the lease agreement need to be clearly stated...lessee and lessor, without that it is not a valid contract.

Of course you then run into the issue that the remaining party wants to either break the lease and leave as well or bring in a new roommate so they can afford the place.

The most complicated part is the sale and purchase through a third party called a QI, qualified Intermediary.   

But the tough part is that we don't know where to look online to verify that the county/ city would permit us to conduct business.

I do not want to take advantage of them but want to help them as well as help myself at the same time.Any thoughts to how I can work this where it will fairly benefit both parties involved with low risk for myself?

Hey, @Ashanti Kouna  Welcome to the party.

Consulting with a third-party management company in the area can also help clarify these assumptions.Creating RevenueMultifamily investors are always looking for opportunities to increase a property’s revenue and create value.