The barrier to entry is much lower, competition is less fierce, and the returns are often higher, especially for buy-and-hold strategies like yours.Since you’re considering investing out of state, I recommend focusing on one or two markets and really diving deep.

-One of the cheaper options I have found is TaxAct Business ($140 + states), and TurboTax Small Business ($739 + states).The issue I am potentially running into, and I am not sure if the online software's mentioned above can handle (they won't tell me unless I pay for advice), is figuring out how to make sure the losses/initial capital contributions are reflected on my K-1 and not my business partner, since I made 100% of the contribution.

Should we buy one nicer single family home and short term rent like airbnb? 

The Coast Guard doesn’t normally keep their troops stationed in one area longer than 3-4 years which creates some demand for rentals in the area.

I can't speak to the specifics of AirBnB/Short-term rentals in Champaign, but I do have one up north in Chicago. 

I calculated this one as a potential fix and flip and making it a 2-3 room home at a little over 900 sq ft..

Your details are too vague because you don’t give your exit strategy and therefore a lender cannot figure his and consequently cannot figure out the interest rate he should charge.At one point or another, debt has to be repaid.

HELOC is best for short term money, because the interest rates are adjustable, while the second mortgage is a fixed rate for a period of time.  

On our development side we stopped going because it was getting too costly and time consuming to deal with.Not sure if they are still around, but check out ForeclosureRadar.com.

There was also something about time for a certificate showing when lender checked on taxes.