That's the easiest and most common solution.

The alternative is to get the LLC taxed as a corporation which is less common because it is less advantageous.The case for non US persons is more unusual for CPA, and I believe that the most economic setup for a LLC for tax if at all depends on which country you are resident. 

I have considered leasing both homes separately like a duplex and allow both tenants to use the pool as a shared common area. 

HELOC is for short term money, cash out refi for long term.HELOCs have lower closing costs, higher variable interest rate, and interest only accrues when you actually draw funds.Cash out refinances will typically have higher closing costs, a lower fixed rate will be available, and interest starts accruing right away (even if it takes you 10 months to find your next property).A common pattern if you may find a deal in a month, or 10 months, not really sure, is to1) Get any refinancing out of the way, you have an FHA loan so you should certainly drop that off.2) Get the HELOC, leave the balance at $0 so you aren't paying interest.3) Buy the rental.4) Come back to the property with the HELOC and see if it makes sense to cash out refi and consolidate the 1st and 2nd into 1 30YF.If you're determined to score that deal within the next 90ish days, skipping right to a cash out refinance is probably best.

The most common portfolio style loan in Texas is a 20 year adjustable rate loan.

Otherwise, let the negotations begin (or whatever is more common for your market)...P.S. 

It is not a common practice in Austin but there is nothing to prevent you from doing so

I thought a QCD was more common and easier tbh.

Although you could do what is called a Tenant-In-Common (TIC) arrangement where an investor has 1031 exchange funds and wants to parlay that money into a syndication.

My mom was telling me the price I received was actually good and that the prices I’m seeing online are most likely scams, in the country there are a lot of problems with multiple sales of the same property.