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?

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.

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. 

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.

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.

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

So its a balance of you want to have some equity in the property but also want to make sure you have cash available as well for rainy day.

I had trouble with minimum balance fees at my local bank and it was driving me nuts.  

Since your PMC will collect rents, pay vendors and then disburse balance to you, you only need a separate business account.