My question is, since we may not need to borrow anything to finance this, will the mortgage payment be affected? 

Wondering if I should just wait until rates drop and refinance into the LLC or do the quit claim deed (and no HELOC) and just save up for my down payment for the next property.

With down payments, improvements, commissions, title work, holding costs etc....

So you pay for it with a credit card and when the bill comes you make the payment.

Pyment is $1,054, but $625 is interest.If you sold current house and bought new one with same mortgage amount, but current interest rate of 7%, the payment would be $1,663, interest amount $1,458.So, the interest cost difference would be $833 month!

When you said you had some money saved up, I was thinking that meant you would have enough for a down payment on an FHA loan.

there is no bank, no mortgage, and therefore no due on sale clause.if there is a mortgage in place, and you take the payments over, this is typically referred to as subject-to or sub2 and is much higher risk for everyone involved.

One of the key challenges I’m facing is understanding the financing options available to someone without Canadian residency or a local credit history.From my research, it seems that a 35% down payment is often required, with interest rates around 7.5-8.5% for non-residents.

Can I find 15% down payment options do you think? 

@Robert StephensonIf you have enough equity in your primary or rental you can get a HELOC or HELOAN and use the proceeds as a down payment to buy another rental.