Plus offer auto-pay out of this account.The next is you could pledge lendable equity in other properties to this loan facilitity to get you where you need to be LTV wise.Finally, do you have an outside investment account you could also pledge to bring down the LTV?

Should I request 2 months of bank statements for his personal account?

I plan on attending some local REI groups (thanks for the suggestion Ann) and Mike thank you for taking the time to lay out a good place to start with my goal setting and research).As far as working capital I also have a couple of older IRA accounts from a previous employer.

To add to your list I'd say at the least an accountant.

(bank accounts, LLC's/Corps, etc.)D) Anything else you may want to add?

A friend says I need to put the check (nonrefundable) in a seprate bank account until I close with the tenant buyer.

What expenses are these accounting for?

In the beginning I thought, "how would I ever account for every little thing?"

(Probably not an issue unless there is some violation) Don't put a NOO residential 1-4 rental in a commercial loan line of thought, the Act is clear about that, it is not a commercial loan.You mentioned a Trust, in such a case I really suggest you pay attention to the marketablity issues as Trustees/Administrators don't like notes (I know, but I have one using par as the value, some don't) as a Trust is required to give an accounting of the assets in Trust at the market value annually.

Whether that will be good for you or not will depend on many things: what happens when a major repair is needed ("reserve funds"), who will do showing and screening when there is a vacancy, banking, tax bills, accounting matters, legal matters ...Better to be informed on those sorts of matters before getting into any more shared ownership IMO.