You’re looking in the wrong place - try this thread https://www.biggerpockets.com/forums/51/topics/816680-real-e... 

looking at 75-80% ltv for a heloc, yes all rental income are in schedule e 

Mike -Forming an LLC is a good legal best practice to house a RE rental and would be a Schedule E transaction for you.

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

It's similar to how you report it for tax purposes in years where you aren't selling it, you report 50% (or whatever % is allocable to each side) as rental property and depreciate that 50% while the other 50% is your own personal residence and therefore is not part of Schedule E.

Just whatever makes $en$e for you.

Our CPA told us if we transferred to NJ LLC with both of my parents as 50/50 owners, they can treat the LLC as a single member for federal tax purposes and continue to file on Schedule E because they file a joint return, but this seems to be inconsistent with what I've read.If we want to transfer to an LLC and continue reporting on Schedule E on their joint tax return, can I simply set up the LLC with one of my parents as the member and have each parent deed their interest to the LLC that will be owned by one parent?

Quote from @Regina Blake: Hi, yes you are correct Ohio is the place you want to e to invest in real estate.

So I should file it under the Schedule E.But my question is, how do I actually file it on the schedule E? 

I'm closing on another one on 128, E 146th, and 74th.