I'd rather go with a conventional loan to get a lower rate and fee.

Also, I am on the fence of whether I should keep my property in my name or transfer to an LLC.

Amazingly, the bank holding the underlying note AGREED to allow the wrap as long as our LLC remained on the note, with NO change in interest rate or terms!.

Then you could buy now before competition becomes crazy again and refinance when rates come down.

If you have not contributed post-tax dollars into a traditional IRA, the total amount converted is taxed at your normal income tax rate and the Pro-Rata rule does not apply, but in this case you mentioned you have an IRA so I'm sure it does. 

Since you'll be living in one of the units, you can qualify for owner-occupied loans, which often have lower down payment requirements and interest rates compared to traditional investment loans​

Regarding "One major downside is most HELOCs are adjustable rate, and I'm certain rates will be increasing even more in the near future, so finding a bank that has a rate-lock option is my hedge."

The key is finding the areas / neighborhoods with strong rental rates that are not saturated with too many LTRs.

Rent out your units at, or slightly below, the market rate and gradually increase rents YOY (2-2.5%).This strategy will allow you to get your foot in the door with a low down payment AND less competition.

Between rates being higher and terms being shorter Helocs can also have issues when it comes to DTI and not having reserves.