Eric, so are you just looking for what type of data is commonly returned to me by someone who has note(s) to sell?

Use common language, no jargon.

That is the most common program I know of for 1-4 unit low money down. 

I am sure we all share a few common goals centered around this.  

I am sure we all share a few common goals centered around this.  

There are different ways to split the gains, but using square feet is the most common. 

That's the easiest and most common solution.

The alternative is to get the LLC taxed as a corporation which is less common because it is less advantageous.The case for non US persons is more unusual for CPA, and I believe that the most economic setup for a LLC for tax if at all depends on which country you are resident. 

I have considered leasing both homes separately like a duplex and allow both tenants to use the pool as a shared common area. 

HELOC is for short term money, cash out refi for long term.HELOCs have lower closing costs, higher variable interest rate, and interest only accrues when you actually draw funds.Cash out refinances will typically have higher closing costs, a lower fixed rate will be available, and interest starts accruing right away (even if it takes you 10 months to find your next property).A common pattern if you may find a deal in a month, or 10 months, not really sure, is to1) Get any refinancing out of the way, you have an FHA loan so you should certainly drop that off.2) Get the HELOC, leave the balance at $0 so you aren't paying interest.3) Buy the rental.4) Come back to the property with the HELOC and see if it makes sense to cash out refi and consolidate the 1st and 2nd into 1 30YF.If you're determined to score that deal within the next 90ish days, skipping right to a cash out refinance is probably best.