He is worried and wants his personal assets protected when investing (he is a high net worth individual).Does anybody have any suggestions how to structure an LLC for this type of business or deal in Georgia, or anywhere?

Age, construction type, and general conditions are just a few things that characterize multifamily classes. 

I am curious to talk with investors that have experience with this type of investment and how they perform their due diligence.So, are there any BP investors out there I can talk to about this type of investment strategy?

@Claudia Lewis,I'd consider all to be normal wear and tear.The only possible exception would be if the blinds were the expensive wide plantation type blinds that cost a couple hundred dollars per window. 

@Dan PoliminoWhat's the scope of the project (e.g. size, type of conversion, etc.)?

I have just passed my California salesperson exam this month, and would like to know what the best type of brokerage would be to target if I want to learn the most about investing.

What type of services does it have, City water and sewer?

HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

With this type of loan, you are required to intend to be an owner occupant of one of the units for the first Year.

Or the type of transaction--for instance, financed or cash.