So If I understand this I would be looking at base rate +4.125 then whatever additional rate the lender is adding on, minus points to buy the rate down? 

Due to my other business, I know good contractors/subs, understand contracts/scope of work/etc and believe I can fill in any gaps through REIA networking if need be. 

I’m 22 and was never really involved with out of state affairs so I’m just trying to get an understanding of what happens after things like this.

So basically if I’m understanding you correctly, your saying a way I could potentially use my equity is as the down payment on a BRRRR as long as it’s ARV was large enough to get my HELOC money back after refinancing?

@Kevin Si I'm trying to assist you with a better understanding of your question!

I have some more reading to do but if I understand correctly I will assume title under the Ladybird Deed and can just continuing paying the mortgage from my parents current mortgage yet not actually "assume the mortgage" and not have it impact my eligibility for a future FHA financing.I may have awkwardly described what may be the strategy. 

Based on the policy, I understand that. 

I highly suggest teaming up with a broker who you'd want to build a relationship with and truly understands the ins and outs of different underwriting guidelines. 

I understand that you could also keep your LLC and have it placed into your revocable trust without dissolving it.

He needs to understand you are buying one of two things- his business as a cash flow entity OR the property (retail) with two trailers (wholesale).