I'm not sure if a bank would count the money on my HELOC as "debt" and say that my debt to income ratio was too high to qualify for a refi since I wouldn't be able to show much rental income on the property yet. 

Paying down debt on the ones you keep...

Get rid of bad debt, before good debt!

Yes, may hard money and private lenders will not look at your debt to income ration particularly for short term loans like bridge financing and flips.

Still as others suggested, being in debt to family should be avoided once you get going.

My portfolio has a value of around 5.75Mil and I have 2.7 Mil in debt, including my primary, at an average rate of 3.86%.In addition to this I have an S-Corp consulting business.

It took them 16months and 1.6M of debt to finish rehab and put it to market.

Sell Price 700,000 Down Payment 125,000 Loan Amount 575,000 Rate 4.50% Term 360 Monthly Debt Service 2,913 Annual Debt Service 34,961   NOI 46,117 Annual PreTax Cash Flow 11,156 Monthly PreTax Cash Flow 930   GRM 1.10% CAP Rate 6.59% DSCR 1.32 Cash on Cash ROI 8.92%My original plan was to live in one of the units to get a good residential loan (I'm a first time homebuyer) but that would put a $1450 dent in cash flow, making me go negative, so I'm not sure yet until I see the diff between a commercial loan and a residential loan cost.

He is also transitioning which means no job yet= no loan, no dti's, not sure of cred score or debt... too many unknowns...1st prop= zero downall others= 25% +/- which means there is no #2 property conventionally.

If it does change, what are the best practices, calculations/ number, and strategies to follow and ensure all debts are paid and the property properly cashflows?