3) If in the event zoning is an issue, or it makes more financial sense to not convert to a commercial loan, is there a way to SPLIT the quadplex so that each duplex sits in its own lot and I become the owner of two separate lots, each with one flat roof duplex?

Even Warren Buffett said in their latest shareholder newsletter they're not in the game of timing the market but focus on getting undervalued assets.

. $4M will be my leverage to cover against emergency expenses including vacancy’s and will not be touched unless it’s last resort if I can’t leverage my assets.

If you qualify, it is a nice option.In the IRA format, you need to start with an IRA held by a non-traditional custodian, then have the IRA make a single investment into either an LLC or Trust to obtain checkbook control over the IRA.There are a few firms that specialize in establishing a checkbook IRA trust.If you are investing in non-liability risk assets like funds and syndications, there is a clear advantage to the trust as it is not considered a business and therefore not under the purview of the CA Franchise Tax Board.If you will be investing in rental property, the limited liability protections offered by a LLC may outweigh the cost and headache of California filings. 

@Christopher MorrisWell, if you are going to match Trump and the wealth, you are going to need a lot more "asset" than a residential property..Basically, you "generate" lots of depreciation and this law allows you to take that depreciation immediately. 

If you're using this as an MTR you will want to have it furnished and post pictures of the furniture that will be there for any potential renters as set up/furniture can be deciding factor for any potential renters. 

So until then, it will be negative asset to me. 

You might be tempted to think you can keep track of everything in your head or just use the transaction listing from your bank account to see everything that’s happening financially in your business.

If there is something special in your scenario that is causing the issue you always have non-QM products to fall back on like DSCR (qualify based on the asset, only works for investment properties) or Bank Statement loans (qualify based on income, no taxes required, great for self employed).

Not an attorney or accounting or financial advisor, but what I’d do if it were me: I’d remove the children from the deed, finish the HELOC, then create a living revocable trust naming myself, my wife, and my kids as beneficiaries, and transfer the deed to the trust - done!