As added insurance, I would recommend filing a separate tax return (probably a 1065 partnership return) for the LLC, even if it's a single-member and not technically required to file a tax return.

The law views an LLC as separate from you personally, as long as you follow a bunch of rules (ie, don't "breach the corporate veil").

Refinance, new investment and sell primary: Refinance primary to get ~$50k out, find a separate cheap investment property that can cash flow (aim for under $250k purchase price so we can put 25% down), and then sell the primary at end of next year to get remaining equity out to use as a down payment for a new primary (assuming it will be about $80-$100k net with expected increase in value due to being in a hot neighborhood and purchase price of ~$500k, know it's less than 20% down)Considerations: I am expecting the next primary to be a place where we spend 4-5 years max (expecting significant increase in career based income after initial partnership buy in).

However, I would like to set up an LLC so that I can start a business bank account to separate all revenue (monthly rent) and expenses (renovations, utilities, etc) from personal expenses. 

I know the 15yr rates are better, but the interest difference seems a small price to pay to gain a few hundred dollars or so per month of spending power.I too like the approach of using a HELOC on my primary, rather than a cashout, as the bill is separated off, as I don’t pay for money I’m not using, and as the LTV can be above 80%.

I plan to have a separate SMLLC for my wholesale business.

Basement has a huge 1 bedroom with closet space, full kitchen, full bathroom and also had separate entrance.

Basement has a huge 1 bedroom with closet space, full kitchen, full bathroom and also had separate entrance.

And plumbing subs are commonly billed separately.

These number include all utilities so you’ll need to adjust them down $100 or so if tenants pay separate utilities and of course take them with a grain of salt and run real comps when your looking to put in an offer.