Essentially we treat each entity as a different property owner. 

Lastly, by using your heloc, you are essentially buying with 100% financing and highly leveraged properties are hard to cash flow in general.

I think that many folks are accepting essentially zero cashflow with the hopes that 10% annual appreciation will just keep on keeping on.Looking forward to being proved wrong!

If we buy a home for $400K, put $50K into rehab and it is worth $500K post renovation, are you saying that we can then get a loan by putting less money down overall because we would essentially be working the reno costs into the loan?

As @Taylor L. has already suggested, consulting with an attorney about the legal structure is essential, especially when it comes to bringing investors to a deal. 

Even though those resources focus on larger MF, the overall process is essentially the same.

Essentially they're being given an extra 1-2 months to live in the unit for free.I'm super careful with my screening and placement, but I always seem to have issues with inherited tenants. 

Essentially, if keeping the same color, a gallon will cover 400 sq feet of wall space.

Membership is cheap and as a beginner or experienced LL their support is essential for legal issues, forms, etc.

Assume minor modifications to the plumbing as the plumbing is essentially separate.