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.

I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.

Most people would rather spend or save their money, so someone who is willing to invest it should be compensated appropriately.

In 2025 the bonus depreciation rate is 40%.This means that if you bought a property for $1M in 2025, did a cost seg study and found $300K in eligible assets that you could depreciate, you could take 40% of that $300K as bonus depreciation to offset your income in the first year.40% of $300K = $120K.You then apply that $120K to the owner’s personal tax rate to find the final amount that they can defer in year 1.If your tax rate is 37%, you can defer $66.6K.This is a big deal even at the 40% bonus depreciation rate this year.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

I'm often surprised by the things tenants due to save a quarter.

You would have had to be there for at least that to save on the capital gains taxes (up to 250k). 

As you purchase more, your net worth will go up more quickly than the savings in interest with the other option.

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

Note - if you live in your property for 2 years out of the last 5, then you don’t pay taxes on the profit.