Perhaps you could even get your new property rented out at a rate that would pay your heloc bill, at interest-only payments that should be fairly easy.

There has been quite a bit of complaints in the past year of IHA mishandling payments or not paying at all and little to no communication.

What I can also tell you is that as an owner in NY, the landlord laws are very much designed to protect a tenant as opposed to here in Detroit where the laws are designed more fairly to protect both the tenant and the landlord.

The numbers can be adjusted for taking more from the HELOC to do repairs and add furnishings, but I think it's fair to say that $1880 + $700 - (cost to borrow for repairs and furnishings) will be at or greater than the original $2300 in profit form the single house.5.

The best way to feel out the type of lender you will be dealing with is by seeking referrals and communicating directly with them during the origination process.

It happens, a fair bit.

Bookkeepers are fairly cheap, even good ones and should be able to setup for 2 units in a couple/few hours.  

It looks fairly simple. 

Need some advice on the best way to structure this deal that's fair and beneficial for a 3 person LLC/partnership agreement. 

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.