Depreciation Benefits via Leverage: While you can't claim depreciation personally on IRA-owned real estate, SDIRAs can use non-recourse loans to purchase property.

I can't just put the LLC's income directly into my joint personal tax return, right?

It was a personal referral, received a credit at closing for renovations as well How did you finance this deal?

Even I can do it, and I am generally the most unhandy person on the planet!  

., the appraisal for 5+ is at least $2k-$3k) and the financing structure by lenders because Fannie/Freddie don't generally buy loans for commercial properties.So, for you personally, the biggest driver for the type of your next property is probably going to be the amount of a down payment/equity you can put in the property.

I have a feeling this is designed to maximize retention of now dislocated persons. 

Budget these carefully into your overall project plan to avoid surprises.Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.ARV: Be conservative on your ARV since the appraisal concerns one person’s opinion.

Personally, I've bought older homes since I invest in mobile homes myself.

Lenders often include a portion of the cash flow in the investment property as income to you personally to offset the DTI. 

Simple answer - yes you can alter your funding source after putting it under agreement if you chose to use a hard money lender instead - i would just communicate with seller that hey I was going to use cash (assuming you have it from your heloc) and instead will finance some of it but let them know its not contingent on financing.