What are the potential tax implications ups and downs of transferring the residential property to business ownership and then acquiring debt on it?

If you're making 4.5% now, you'll pay more servicing the debt on a HELOC.

An agent who invests themselves will often have insights into investor-friendly lenders and can help you navigate the requirements, including debt-to-income ratios and how to factor rental income into your mortgage qualification.

However, the lender will consider the rental income from the other unit when calculating your debt-to-income ratio.Here’s what you need to know:- **Interest Rates**: You might not have to pay higher rates just because it's a duplex.

How I understand it is: charging order protection shields LLC assets from being seized to settle personal debts or judgments against its members.

Ultimate goal is obviously to build cashflow as seamlessly as possible and pay down debts of houses as we go so husband can leave his consulting job and we can do real estate full time.

I suggest opting for a lower PPP period and taking a hit on the rate, if you are still debt covering. 

Meaning, that once closed under the business / LLC the debt will no longer populate on personal credit checks.2.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Eliminate debt, establish a budget, and save.