Then I got a HELOC (home equity line of credit) on it and during that time it was appraised for $75,000.

I understand I can't take out a HELOC due to the property being in a LLC (and we do not want to change the title) so here's my thinking.

But I've merged the two approaches now to think "how can I afford that without going into debt to get it" (even if the debt is considered "good debt").The problem with "good debt" (borrowing money at a low rate of interest and investing it at a high rate of return, also known as the "carry trade" or "leveraged investing") is that when the world goes through an economic calamity, the high rate of return comes to a halt, but the low rate of interest on the borrowed money continues to be owed (based in my experience with a HELOC used to finance various purchases of income-producing assets over the years).Also, if the asset used to secure the borrowed money goes into free fall, the lender sometimes has the right to reset the loan (in the stock market, this is known as a "margin call").

Still in the process of getting the HELOC completed. 

Once your monthly income is deposited, then your 1st Lein HELOC balance drops to $85,000. 

Once I own the first property I will be able to take out HELOC to potentially do this but I just want to know if this all makes sense and what options exist I may not be considering.

Maybe you're house hacking and you will get a HELOC right away to be ready for the next hiccup in the market and buy everything you can get your hands on.

That's keeping in mind that you want to keep something set aside for your own personal emergencies, etc.Rather than refinancing, you can also do a HELOC which will allow you to dip into your equity if needed.

I now have a HELOC ready to buy my next property.

The house where we both live together has just me on the title deed but both of us on the loan and the HELOC.