@Dave PrickenA  joint-venturer or business partner with more than 10% control or stake in profits is considered to be a disqualified party to your IRA. 

I also prefer that the managers share the risk alongside me - via skin in the game and/or profiting only after I have my capital returned along with a preferred return before the manager/developer makes any profit. 

Well it depends how much of a profit you want to make.

I’m also in the process of getting my real estate license so that I can list the properties myself and my electrician license as I plan to do some of the rehab myself initially to increase my profits.

I've been looking for houses for about 8 months. 1999 Market was on fire I put down several offers on homes people would come in with cash offers and get the property or there was a huge line of offer prior to mine.My aunt actually found the house that was for sale by owner.It wasn't in the best condition but I knew I could do the work and fix it up and turn a profit on it and it sure bet renting.

The only reason to take out the 2nd HELOC and replace the 1st one is because in theory, you increased your value and you want the larger HELOC to coincide with that increased value?

I personally think it won't make a spit of difference in larger cities but may help for other areas

PG county you can typically expect a profit in the $20-$30k range, and DC you can expect a profit in the $50k range, to even higher if you move up in price point.In PG county the areas you would want to look at are Hyattsville, Mt Ranier, Brentwood. 

Like, you can't pay over $45k and make a decent profit(15-20%) kind of work - foundation issues, new roof, new siding, new bathrooms, new kitchen, etc etc etc.

Furthermore, if you are looking at Staten Island; you are looking for people to put up a lot of capital.Are you looking to provide capital to a partner to do a deal while you get a percentage of the profits + he shows you the ropes.