@Ben StanleyGet liquid first start by saving money in a taxable account

I've been looking at foreclosure auctions.  1) If I wanted to use my HELOC to bid on a property and with my LLC in mind, I'm leaning to having to fund my LLC using the HELOC, with my bid price in mind (plus other costs) and then bidding on a property and if successful, write a check from my business account. 

A recent study showed that 80 people are moving to this city every single week, which will continue to increase housing demand.

And with a 7.75 % interest rate and after remodeling this property  it will cash flow $1,671 after accounting for maintenance, repairs, property management, capex, earning a 6.90% cash on cash return

One "bargain" cost me $30,000 in hidden repairs - don't repeat my mistakes.Build your team early: a realtor, inspector, contractor, accountant, and maybe a property manager.

For example, should I have one checking account that manages all expenses, such as down payments for properties and serving as the main source for rehab budgets?

He interviews local brokers, attorneys, investors, accountants, and other business owners.

It was my habit also to instruct those who ran any business to be knowledgeable about the basics of tax and accounting in order to make better daily decisions. 

I know a lot of variables have to be taken into account.

You'll want to get a business bank account for the LLC.Do your best to keep personal and LLC transactions separate, document any funds transfers between you and the LLC.Your Trust should own the LLC, but you will be the LLC manager.