As he mentioned, any additional take home pay will limit his ability to claim real estate losses he already has coming so that would offset part of the investment benefits. 

With that said, it sounds like the seller has all of the control and most of the benefits.

My worry is that is I commingle the banking activities and the 2 rentals I have in my name with the LLC I have potentially negated the benefit of creating the LLC if/when I am sued down the road.I think this must be something others have come across and I would really appreciate suggestions on making this a bit simpler.  

I am all for not collecting them to reduce liability and making the credit check a soft inquiry so it doesn't hurt the applicant but if you collect the SSN when signing the lease how do you verify that it is their actually SSN and not just a made up number?

I am looking for responses from people that has used credit unions in the Chicagoland area and surrounding suburbs for HELOCS.

None of the three met my criteria (one failing on credit, income AND background), one lied about income, and one couldn't prove income.  

So to recap, in my pretty house model, doing a wall to wall rehab, all floors, kitchen baths, walls will allow me to set a record on the rents, and when it comes time to advertise I attract the tenant with the higher credit/income and  I would like to add that in March I closed on a SFR in Embassy Hills Port Richey for $51,000 A 2/1/1, 1100 SF.   

I'm bringing the 20% cash down but no credit rating /external cash flow and they are bringing a credit rating and full time job - ie the loan.  

My first submission I used up this appraisal credit only to be shot down.

You could potentially be liable as an individual, without the protection of a corporation/LLC, and without the benefit of insurance coverage.