Here’s why:- unless you strategically reported your taxes as making 100% income and not reporting an entire loss on your schedule e - you will most likely not find a lender who will qualify you for a HELOC.

I would ask the lender you applied with to disclose how they calculated your DTI... sometimes they fail to add back in depreciation or deduct costs from your schedule E like tenant turnover, improvements, etc. that shouldn't be included in the DTI calculation. 

A full rental P&L such as seen on Schedule E?  

Letting go of that slice of control is hard but once you do it's quite freeing which is hard to put a price on in my opinion.You must have read e-myth by Michael Gerber!  

The first 699 E Gold Dust, San Tan Valley AZ comps around 375K and I purchased for 393K so I'm lost about 18K equity by purchasing.

Once again she e-maild me back this... 

Thanks  So I did put my CPA and attorney together to create this structure.Everything rolls up under my personal tax return and there is a schedule E for every property. 

If it is on one tax lot, it would be recorded as one property on your schedule E.

You’re likely going to be on the hook for S/E income on it once be depreciation and losses have been exhausted, so, just be cognizant of the overall picture!

Unless you're filing the tax returns yourself (not possible to e-file a partnership return if not a preparer), then the cost is usually a large barrier for a lot of people as they're starting out.