All checks worked out very well (good credit score, not much in revolving debt, etc), but I did take a risk in doing it.

It is the investor who reduces the cash flow on a property by leveraging debt against the property.

Again, that part might not be important to you, but those details matter to me.That said, having everything outlined clearly for the applicants is a great step to eliminate any confusion, so I like what you've done with that. 

Hes also into real estate and had him look over my portfolio and numbers and debt stuff.

Owner is deceased, has reverse mortgage on the property, his 3 children are middle aged and none of them probated his estate because none of them wanted to have anything to do with the property because of its condition and because of the debt on it.

I'd like to keep this simple and official debts divided.

Which I don't want to do because then I lose all the flexibility I love about the HELOC to begin with.On the subject of the large minimum monthly payment, it screwed up my debt-to-income ratio and that was one of the factors that blocked me from getting the refi I'd had planned. 

Any debt financing will need to be non-recourse and the use of debt-financing will expose the IRA to nominal taxation on Unrelated Debt-Financed Income (UDFI).While the leverage is not as high as what you could achieve personally, the BRRR method of investing can be a great way to accelerate the growth of your IRA. 

I am wanting to keep as rentals or wrap and sell with OF and both would work for that scenario and cash flow a minimum of $300/mo after expenses and debt service. 

Completely eliminated the problem from ever happening again.