This combined with the fact that his credit is shot; has a long list of unpaid debts, including his phone bill; and is currently unemployed with no income; makes this a non-starter in my book. 

Would all the units combined equate to $2,000 or $4,000 a month? 

It seems like I could more easily accomplish my goals of buy larger properties by *combining* the equity of the two accounts into one, and that the SOLO401 would make the most sense.

Exploring funding opportunities and with decent cash savings on-hand, but without a current steady income, I'm leaning towards hard-money or private investors..or a combination of both.So now - I'm at the cliff ready to jump - someone push me! 

Some combination of 1 & 24.

So repairs plus Cap Ex at a combined 10% is most likely too low long term for a $20K rehab. 

And yes I understand what you mean I’m definitely weighing all my options I like the idea of having a partner because we can combine capital and get more deals and be able to help one another manage properties.

Im looking to combine a first mortgage and HELOC.

This, in combination with @Jaysen Medhurst's excellent point (taking 10 - 15 yr loans is not the best idea, no buffer to fall on) makes me re-think the plan in a different way...I'm thinking what I probably need to do is:- Start with value-add investments in Class B multi-families on 30-yr notes asap- Goal is to move up to $1MM+ properties, to utilize cashflow for college education & retirement in 8 - 10 yrs, just as the kids are hitting college ageFallback is, of course, to use student loans in case of any bottle necks that are faced.

Combined with the mortgage payment this is over $1,544/mo.