I don't know if they still do it but if memory serves a few years ago TD Bank would do a HELOC on a rental in second position but only if it was titled in someone's personal name. 

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

Apparently, the person I am under contract with was managing the estate of the actual owner who recently died.  

Simplify the structure as much as possible, have clear roles and responsibilities that are not overlapping (meaning only one person is allowed to make certain decisions) and a clearly defined exit plan.

@Micheal Singleton I have the perfect person you should connect with.

No Personal Use: You or family members cannot live in or personally use the property.2.

Networking is the key to growth...I am always down for coffee if you want to connect in person. 

We purchased an RV last year under our personal names that is primarily used for business travel.

This person (not Blake capital) was trying to bully me (wrong move).

From a personal standpoint I target 70% LTV for any investment I have that way gives me ability to sell it if I need too