But with that one lender I found I am not lendable due to not having proof of income for the last two years.

We invest in Greene County, Ohio and currently have 24 low income units. 

I have all the income and expenses.

Median incomes are an insane gap from cost of household/properties.

My plan is to funnel the rental incomes from all three properties, along with my W2 income, back into the HELOC while covering all expenses from it as well.

Since my adjusted basis is about 50K, am I going to have a $250K gain on my income taxes this year?

•Verifying the buyer’s ability to repay (documenting their income is key).

Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.

Here is some clarification:When property inside of an IRA is financed, it generates UDFI (Unrelated Debt-Financed Income), the income derived from the leveraged portion of the property.