Part of the reason I want to flip is A) make something functional and useful again and B) use the artistic side of my brain to create beauty.

I would make a separate entity if the function/assets of the business are different than that of your current entity

Use caution as an anything not functioning or highlighted for repair will need to be disclosed. 

I can quickly create bank accounts for each property, the categories for tagging your transactions align perfectly with your Schedule E for taxes and I can do all of my tenant related functions like tenant vetting, lease creation and collecting deposits and rents.

A number of people have asked this and if you use the search function, you can see replies to those posts. 

I know cost is a factor but think about overall functionality and does it do the 7-10 things you really need? 

While many will also create LLCs or other entities and perform other services, that is not their core function.

I don't understand how so many miss the most basic function of STR that it is Hospitality, and ignore the very simple, long founded and known principles of such.

Without visually inspecting the sold comps via photos, you can segregate the renovated from distressed by chunking the $/sf of the resulting comps by quantile groupings.

It’s a variable rate but the nice thing about using a Heloc is you can use it multiple times as it functions like revolving credit, ie similar to a credit card.