We are in the contract under our respective entities names at this point but are contemplating whether or not it's beneficial/safe or whether it even matters whether we keep it that way or form a joint entity (LLC) once the loan is in place.

There are a large number of non owner-occupied units in this development which makes financing for buyers difficult - yet another reason I am contemplating selling.  

Espically if you are now contemplating beginning the process of divorce #3. 

Why are you contemplating using two tax entities to own the new property?

This would be my first deal as a real estate investor and as we purchase our first property, we are contemplating about the structure to put in place. 

I am contemplating on what I should do with laundry for a duplex I am just acquiring.

That's a very specific legal description I know, but essentially it contemplates that you will be away from time to time.  

I do not have any investment property mortgages (buy and hold rentals) yet and am contemplating my best strategy to be able to qualify for the most financing.I know this is a very general question, but is it typically better to apply for a HELOC first and then apply for the mortgages or the other way around?

They usually only address current operations contemplated and the attorney (and Sec. of State) will use verbage as...and to do all other things allowed and necessary by law....but that's not really much of a business plan.

ARMs are currently driving the foreclosure rate as those 5 & 7 year ARMS are resetting and people are finding themselves underwater, unable to refi or sell.Why am I against them, ask your neighbors in this situation.Even worse, you are contemplating a 97% LTV.