Also if it is intended to possibly be a rental you should calculate the end result of the acquisition, the debt service, the rehab, etc and pretend to get a loan to refinance. then look at the potential rent to offset that monthly cost and see if it would cash flow.

LOC's can have negative effects on your future purchasing power if not set up correctly and keeping in mind you can "never" use an LOC as a reserve or asset.It will always be a debt burden and can over inflate your back end debt ratios depending on the W2 income and your liabilities.

He seems to lump all debt together.

From a lenders viewpoint, we consider "co-signers" to actually be co-borrowers or co-guarantors having full liability for the debt as a guarantor.

Just focusing on reducing debt , I tutor chemistry which has been helping with finances.

Doing a conventional loan for each property is out of the question due to my debt-to-income ratio. 

Generally ive offered equity or debt on deals but never on the operations.

Remember you are using debt to make this investment, not reserves  sitting in your bank account so I recommend a more conservative investment approach. 

With a DSCR (Debt Service Coverage Ratio) loan, you can tap into your equity and still retain the cash flow since it's based on the property's rental income rather than personal income.

does that mean they are getting the debt non recourse and you bring equity ?