Questions re: HELOC & LLC

[Theodore Beidler]

Hey all, I'm new to the BP world and excited to start digging into the forums and this community. Was introduced to the podcast about two months ago and since have been listening to as many episodes as possible and starting to read some books and other online resources. My sister and I own a beach house that we rent out and use that has been in the family for decades and is fully paid off. Plan is to take a HELOC out on that house and use that as foundation to start investing in real estate, specifically multi-family homes. Had a few questions regarding that....

HELOC Questions:

-Seems to be differing opinions but is it best to go through a local bank or CU in the area of the house I'd be getting appraised? Does it make more sense to find one in my area (NYC)? 

-How many appraisals/quotes would you recommend getting? I'm assuming each bank will want their own appraisal which I'd be paying for, correct?

-Whats the average length a HELOC can be open for? I've seen as low as 90 days and as high as five years.

-How long does this process usually take?

-Should I call around or best to just walk in to banks?

-I've read to look out for various fees but overall what is the average interest rate I'd be looking at? Want to start incorporating that into my analysis of properties.

LLC Questions:

-Looking to invest in markets we already know so SE PA area or Nashville, TN market. Does it matter where an LLC is formed?

-Should we form an LLC before we start the process of buying a property?

-Do you buy property directly through LLC or personally and than transfer it to LLC?

Thanks in advance!