Determine Your BudgetSet a Realistic Budget: Consider the cost of tuition, living expenses, and your financial situation.Mortgage vs.

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

There may be a way to reduce property tax reassessment by using LLCs, but it is a complicated plan, takes time to complete, generally needs a business purpose, and is not without risk. 

In my case, I will transfer the deed to the LLC, and have a business bank account under the LLC, and all the rental/expense will be using that business bank account.

The sofa bed was always temporary, and I plan to replace it with a queen + twin bunk setup, bringing the total occupancy to 7 long-term.To maximize income this summer, I’m debating keeping the sofa bed in a spare nook, bringing capacity to 9.

It has been a very expensive lesson.

This is something I try to live by and teach my kids if I can - "A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly.

You’re definitely on the right track by planning to open separate bank accounts for each property and the holding company.

Then plan a date to actively start looking to buy.

Assuming you don't plan on going back into any consumer debt again I like your plan versus barely getting by.