Do we need to remove the property from the LLC back into a joint tenants in common situation in order to bifurcate the proceeds like that? 

Is there an advantage to me as an investor, to apply heloc separately from my wife, and her applying on her own, or is it better to apply jointly, such that it doesn't matter on helocs?  

There was an appraiser or two that jointed the conversation And it got very interesting a time or two.

From investopediaKEY TAKEAWAYS- You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you are single and $500,000 if married filing jointly.- This exemption is only allowable once every two years.- You can add your cost basis and costs of any improvements that you made to the home to the $250,000 if single or $500,000 if married filing jointly.Trying to understand this a little better for my investment knowledge.

Wondering if anyone has a joint venture agreement between LLCs that they wouldn't mind sharing.

@James Stayton - A lot of investors do joint ventures for this.

A scenario for some who have business succession planning, the business will live on past the death of one or both spouses (business joint ownership).

I would think sooner or later as joint owners you would need to file something. 

I used my uncle to set up a Joint Venture and then sold my shares to him.

I would not recommend joint tenancy or any other individual names, stick to the LLC