HELOCs are similar to having a credit card affixed to the house. 

Goals and story: My friend is a foreign national, immigration status has been approved but still waiting on green card, has social security and runs a lucrative business that mostly deals in cash.

2) With the tenants in the other unit, should I raise the rent to match market value?

Crowdfunding through Reg CF isn't that popular in real estate because there is a limit to how much capital a company can raise.

I'm not sure that leasing out at less than FMV alone raises some tax issues.  

I agree  on the above but as an investor in this raising rate environment, asset-based (aka DSCR loans) are the way to go irregardless of Partnership or Solo venture purchases.

Better to find one or two multi-family buildings and live in one unit while refurbishing the apartments and raising rents.

I was born and raised in Columbus, Ohio and I want to get into the real estate game here. 

Variable rate always scare me, but especially when the fed has already announced their intent to raise rates.  

I also have a few personal credit cards with 25k, 15k and 18k limits.