Without an exact numbers breakdown of each option (which should obviously be my next step), I think my ideal situation would be to sell the SF and roll the equity into this, leaving me with a modest holding cost that I can absorb with my stable W2, and keeping the HELOC for any larger ticket items I need during rehab.

With no equity and negative cash flow from the get-go, I'd say if you want a hole to throw money into, get yourself a nice boat. 

In what ways can JVs be structured to finance a RE investment, and what are the main legal and financial considerations for parties entering into such agreements?

I'm assuming it would be a rental but assumptions cause errors so I won't get too much into it.

I’ve been helping investors, many of whom are new to real estate, get into cash-flowing new construction duplexes in Indianapolis.

I am just thinking ahead, just in case, but wanted to get input on what options I could have with current tenants in a lease that might not expire for close to 1-2 years from now in the event I "needed" to sell a house or two, either for a better cash position for myself, or to 1031 into a larger investment property, etc.?  

We’re passionate about revitalizing properties and bringing value to neighborhoods with strategic renovations.I’d love to connect with others who are active in these areas or have insights into the local market.

Eventually get into properties and land wholly owned.

I haven't but I will look into them.

Most are forced into settling or go bankrupt fighting and did nothing.