Important you consult  your accountant,  but it's my understanding you use the Heloc strictly for the investment & do not mix personal use with the investment use so the interest is tax deductible. 

I've recently started doing some social media consulting as well as online flipping while I'm in school to fund my first purchase.

Go consult with a LOCAL lawyer to make sure that what I've just told you is true.You can't just buy the place from the owner and put your boot in the tenant's butt regardless of whatever agreement they had with the former owner.

. - Speeding up your learning curve: Work with a consultant, coach, mentor while you do pay more.

I'd recommend talking with a tax professional and booking a consult to talk about this particular question and any other questions you may have as you start your journey.If you need help finding a tax pro, I'd look right here on BiggerPockets.  

It might leave after you have 20% equity in your house but you'd have to consult a loan officer or banker for that.

That said, I’m not a lawyer so you should consult to be sure.Additionally, asking your lender for permission to stay in the unit is likely not the best avenue, I can almost guarantee that request would be denied, even though you don’t appear to be changing the intent or purpose.

YMMV and your state laws may be different, so consult an attorney, but if you privately took the heloc out on your residence, then you, Chuck Dangar the person, are a private lender and should draft the proper paperwork, complete with repayment terms and interest, and then lend the money to Chuck Dangar's LLC, assuming the LLC is buying the property. 

I'd consult an attorney as the consultation fee seems worth it for an amount up in the $6,000 range.

Personally, I am not an investor, but I represent investors as a real estate consultant with Exp Realty.