Personally, if you have to wait 3 months anyways, it seems like a good idea to take on a project that takes 3 months to maximize returns.

This combination of affordability, economic stability, and location makes Parma compelling in my research.Taking a deeper dive into the rental market here, I thought this could be a unique investment opportunity because despite a seemingly low occupancy rate of 23.90%, the rising rental rates highlight a robust demand for single-family homes (SFH), presenting a lucrative avenue for investors like us. 

I have been attracted to this area of MI since I started exploring real estate and it seemed to provide an opportunity for us to get in the game with out of state rentals without spending a ton of coin.

Apt 2 rented at 1300/mth (2 bd)I would call the rentals B-/C because they are in a giant metal shop and low grade materials.So gross income of 76K annually.Expenses:Insurance is currently $14652 annually but that seems way too low when SFH go for that muchTaxes are currently 2800/yr, but I expect those to nearly double if I pay his asking price (so let's say 5k/year.

Many people seem to gloss over the professional property management piece, don't make that mistake.  

Although all angles are painful, the amount of courage it takes to hand the keys back does seem worthy of some grace.

Doesn't seem right to me, but I can't find any definitive information anywhere else online.

Based on the information that you have given, the loan application would be in your name since you seem to be the only one employed and use the rental income (75% of rent) to fully qualify you using your employment income, rental income versus your liabilities.

From a legal perspective, it seems to be commingling a bit, but I guess it's technically a loan to the business.2) If that's not a viable option, then I was considering a business LOC. 

It seems to me that BOTH a HML and the HELOC would be best.