If she was paying you the rent, than it would qualify as a rental property.Also, make sure when she deeds you the house, the transfer is accounted properly.

Also, when structuring your lease, take his/her extra expenses into account too. 

I help organize a meetup in Cincinnati and I know that a lot of deals have been closed on among the members that would not have met each other without the meetup.

Account Closed Lincoln Park is a great area, one of the best in Chicago.

Again, what was the total you had for down payment and reserve account?

Anyone have any organizations they recommend to go to when looking for a line of credit?

I have total of 350k on account.. 

Depending on the context of the parties' financial situations and intentions, there may be implications for financing, ownership, accounting, and taxes depending on whether you are co-borrowers or one of you takes out a loan and the other provides down payment or some other financial contribution.

Account ClosedThanks for the referral.

Thanks Account Closed  I was not aware of this.