Most who  lean in the direction of taking ownership in their name do so because they may get slightly better terms on their financing for non owner occupied real estate which is not even the case if the individual is bankable with a half decent balance sheet.

They have it setup so if there is any "transfer" of the property deed that they are able to claim the loan balance due. 

Additionally, finding a property in the right place to balance both of our uses is key.

The house is worth $850K with a mortgage balance of $350k and a HELOC of $200K (used). - Can we claim after the sale that we’ve made $850k - $350k - $200k = $300K or does IRS not consider the HELOC in the sale please?

What we are seeing is a massive increase in the number of properties for sale which has resulted in more competition between sellers and more of a balanced market than we've seen in a long time.If we continue to have a high number of properties for sale and a shortage of active and able buyer's then we should have some really solid buying opportunities even if the overall market doesn't drop. 

My rate was fixed but if I needed more money I'd need to pay down the balance then if I draw more it would be at the new higher interest rate.

I am expecting to sell the triplex for around 1.2 - 1.3 mil and there is about 500k in loan balance so there is up to 800k in equity.

In my area, courts will not allow you to collect the lease balance if the tenant breaks the lease.

You probably got a great rate also in 2022.You have an Asset the minute you move out ( it's a liability now) - Lenders like this and so will you on your balance sheet and tax return.

Everything is a balance of looking for new opportunities and not getting shiny object syndrome.