Credit score is 775 and have had LLC for 5 years with multiple credit lines for the LLC  0 DTI as well can go with some DSCR options 

That is, that lease options are illegal in Texas. 

If I use my HELOC fund to buy a property, which of the following two options should I go with from tax or business accounting perspective?

If I use my HELOC fund to buy a property, which of the following two options should I go with from tax or business accounting perspective?

A live in flip if it was an option on the table is something I would definitely do.

In comparing the two options, what are some opinions from the BP group?

Request a little time to explore options that benefit everyone involved.

Yes - the Multifamily DSCR Loan option is a strong option here - not sure if you've seen this BiggerPockets article on Multifamily DSCR (versus traditional MF loans) but sharing here in case it helps - https://www.biggerpockets.com/blog/multifamily-dscr-loansIs the property now fully leased out?

I would prefer to keep the tenant than to find new tenants so weighing what is the better option and what others have experienced.Thank you in advance!

Don't hesitate to offer significantly above the asking price, as you always have the option to negotiate it down later.