Or if all our credits are simply greater than all our debits in a given month, will a bank or CU likely offer a HELOC to a family such as mine?

Check out prepaid legal to get part of your group together at least you can find a competent real estate attorney to look over your contracts,etc.Then you might want to form an LLC and purchase a small established business perhaps an Internet (one that does not require daily hands on management) for under $200,000 that generates income) We found a couple for our clients one costs $179,000 but generated $120,000 per year in adjusted gross income.Then purchase your 2nd and third home and you will be set money wise and able to meet your obligations easily.You have a plan and that is wonderful.

(i) Balance Sheet;(ii) Modified cash basis Profit and Loss Variance Report; (iii) General Ledger Detail Report;(iv) Property Status Report, Unit Status Report, and Delinquency/Prepaid Report;(v) A listing of accounts payable, if applicable;(vi) A report in letter form, commenting on important operational features which are not apparent from the financial reports, forecasts of changes in operations or physical conditions and significant variances from the approved Budget;(c) Annual Report including a Profit and Loss Statement showing the results of operations for that year and a Balance Sheet of the Development as of the end of that year.

You may be able to get this review very inexpensively by joining a pre-paid legal plan.

Even more interesting is that I had a slight drop in hours 3 weeks before closing and I thought the VVOE would expose that making them reevaluate my debit to income...  

To your tax question no the revenue would not be earned in 2016, like mentioned above you're not really earning a full years rent, you're earning it each month with the balance being "pre-paid"....similar to how your deposits aren't counted as income, they're being held in escrow essentially.

Have found out since that they have paid each month for the last 12, they pay on the 2nd of the month via auto-debit, and they just signed a new lease that will expire in November 2016...terrible time for a least to end, but it is what it is.  

What's the best way to automatically debit a tenants rent and have that recurring monthly?

You can use your debit card for all your purchases and at the end of the money go through them along with your receipts. 

Cash to close includes down payment, all the lender's fees/points up front, prepaid interest until the end of the month, prepaid insurance (a vacant policy is at least 3x the cost of a homeowner's policy) depending on the lender's policy (i.e. prepaid for a few months, 6 months, 1 yr, etc), closing costs, and maybe some other miscellaneous costs on the HUD (e.g. if you're buying from a wholesaler and they wrote up the contract so that buyer pays all closing costs).Reserves for monthly payments.