I am in the process of trying to enter a REI partnership with two close childhood friends.

Purchase price: $195,000 Cash invested: $207,000 Sale price: $237,000 This was a super quick close, 3 day escrow!!

DSCR loans will need 25-30 days to close. 

You'll want to be in markets where deals beginning to end cost 20k - 25k for maybe a 4 - 6 month project close to close. 

The rate quoted was 8.875% so I really want to stay close to that as well.

Check your state, but double closings are usually legal.

What all are common items included in closing costs on a wholesale transaction?

When you refinance for a lower rate, you'll need to pay all of your closing fees again (title, escrow, insurance, origination fees, processing fees, etc).

My current APR is 7.15% I'm pushing towards the HELOC because lower cost on closing costs and refi interest rates are the same as my current loan right now. 

Most banks and traditional mortgages "Do not" allow foe the property to be vested or quit claimed into an LLC unless it specifically states it on the closing disclosures.In most cases even on DSCR loans the Bank/Lender still requires you to sing a personal guarantee even if they allow the loan to be vested into the LLC.