I did just have my first GVR guest (arriving 1/14) ask me for one additional bath towel and face towel for each of the 3 guests.

The plan is to use the heloc to purchase additional properties, and basically brrrr and pay back the balance - then repeat.What I didn't realize is how difficult it is to find a business heloc.  

So I saved an additional $2500 in taxes after the fact.

In addition, you'll have depreciation recapture at rates up to 25%.

Additionally in terms of a GP/ LP relationship, would preference of LPs create the same dynamic in choosing one GP/Sponsor investment over another, if all technicals and numbers are the similar between two investment?

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options. 

I'm unsure if you would be able to combine both loans given that the HELOC is tied to a different property than the one you got traditional financing on.A work around is if you are able to purchase the new property with the HELOC at a significant enough discount, bring the property value up via renovations or additions, then refinance the property, pulling out enough money to repay the HELOC. 

These are professionals with additional training and a stricter code of ethics.