To get started, consider focusing on house hacking in California with properties like duplexes or single-family homes with ADUs, or explore out-of-state rentals in landlord-friendly markets like Ohio or Georgia.

With respect to paying $44k off on your HELOC, I personally think that is totally fine and a great start. 

It can totally be done, even in this market.

The calculation uses the following formula: Total Rent Potential x 75% ≥ PITI (plus HOA if any). 

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

You will be taxed on way more than $150k, and also this $150k number is totally irrelevant for the tax calculation anyway.

Rates are going to start to fall in or aroud May/June of this year so by the time you have purchase the nest home you can do a "Rate & Term" refiance and lower the rate on the first home. 

I’m relatively new to the world of real estate, having started my journey just 2 years ago.

@Kerry Hermann We got our start in the western Chicago suburbs as well but are now totally focussed on The Shoals.

Start with BiggerPockets Ultimate Beginners Guide (free).