My question is should I sell now ( subject to short term capital gains, self employment taxes) or rent out and sell after the one year hold ( subject to long term capital gains) ?

Question: would the capital gains tax be calculated individually after the profits are disbursed, or do I have to process that prior to disbursement and subtract out the estimated tab amount?

The owners are my parents which is why they would even entertain a silly idea like this.)My question is:  What are the steps my company would need to take to gain access to this HELOC?

However, I want to start wholesaling to gain some cash.

Since it is your primary residence and you have lived there for most two years without renting it you will not have to pay any capital gains.  

There is no cap, or rule, or extra tax for posting a large gain in your IRA.

This is a long term loser from a finance point of view.PLUS you'll be selling your primary residence, so any capital gains will be tax free assuming you've lived there for 24 of the last 60 months.

Is anyone still using MLOs to gain control of apartment buildings? 

Also, I'm in the process of searching for a mentor/or part-time work working in RE office to gain some experience. 

I have gained lots of knowledge from Bigger Pockets and wanted to thank everyone for their input, Looking forward to this adventure!