Are you looking to just put the money to work or looking to be personally involved in getting, rehabbing, and dispo of deals?

I inherited a partnership in a 22 unit commercial building with 8 restaurants, a grocery store, a couple of personal care services, and various other businesses.

As far as the business card is concerned, to me personally I think having both things on one business card is acceptable .  

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

Would a HELOC or home equity loan on my personal home be a good idea to fund this?  

I have sold some properties years ago on lease options where the tenant buyers actually exercise their right and purchased the property. ( I was in the deed.)The reason I am concerned to tie another person’s property up  with the lease option is that people can change their mind, as in the seller.  

Or try the reverse - rehab a property to Class A standards in a Class D neighborhood and try to get a Class A or B tenant to rent it.Unfortunately, many newbie real estate investors are jumping into buying affordable Class C rentals - expecting Class A results.

I personally have a separate account for each property I own.

I personally would fix the 3 windows and maybe consider cutting the rent a little more to gather more interest. 

Shame on those here recommending it.Similarly, don’t even consider borrowing against your personal residence—even if you could qualify.