Consider the administrative costs of maintaining an LLC before proceeding.

You will still have to spend significant dollars getting it entitled and should have proceeds for that.

I have already created a single member LLC in my name (husband) and the attorney said that it would be fine to proceed this way and that it would allow me to self-manage and maintain liability protection.

This way you can create the LLC once you know you are proceeding with a purchase.

If you do not, and she stays but fails to pay rent, you have to proceed with giving proper notice to pay, failure of which entitles you to file an eviction.

I decided not to proceed with Baraboo due to the many permits required and the everchanging regulations.

They can find the properties, you handle the renovations, and you split the proceeds based on what you bring to the table.Go to BUILD YOUR TEAM at the top of your screen, and you can search for other MEMBERS or LOCAL MEETUPS.

One of the tenants we have already started eviction proceedings against due to non payment of rent and the other one we are giving 30 day notice to because they had someone living with them that was not listed on their lease and this person was involved with some shady things so since it was a lease violation, she gets a 30 move out notice.   

They are going to take all of the proceeds from the sale and buy new investment real estate. 

If there is no problem then the HELOC will provide more flexibility since the cash out re-fi may yield more proceeds after improvements when applying the 70 or 80% LTV limit whereas you might get improvement proceeds from an investment loan but you won't want to because there will be a lot of red tape, inspections, draws, lien waiver compliance and a lot of other crap they load onto improvement loans on investment property.