The parent will be the sole member and you will want to establish the tax ID of the new LLC to point to the parent as the responsible party for tax purposes.

Comparable rentals that come on the market in my area are rarely active for more than a day.  

I'd eventually want to be a full time investor and the entire purpose of commercial real estate (in relation to my goals) is to learn investing.

Hi,I am considering obtaining a HELOC to purchase a second property (ideally for investment purposes).

Regarding a HELOC, remember that your appraisal for loan purposes  will be based in market value, not necessarily  the tax value. 

It was crazy to think when comparing the risks, how less risky a duplex was vs the 10 unit (huge old building/a lot of operating expenses)The prior 3 years only grossed $75 k on avg which would mean we would lose in first year if it did those numbers.  

I’ll still be building equity with the help of a tenant, I’ll have my foot in the door and I’ll be saving 480/mo compared to my current circumstance. 

What is the purpose of QC’ing 1% interest back to yourself?

The host purposed the idea of using a HELOC to pay off your high interest credit card (17%).

The time that they spent on the sideline has opportunity cost (rents, loan pay down, appreciation, etc) compared to if they just bought something off the MLS.