I want to start in commercial since that's my main interest.

We’ve done everything from rim joist, main water lines, all new plumbing.

We’ve done everything from rim joist, main water lines, all new plumbing.

Eventually after 5 years or so I will rent both units out with the main unit bringing in 1800 currently in rent to total 2450. 

My main concern about keeping HELOC funds sitting in a property is the interest rate is variable and your putting cash flow at risk.  

Should I create the LLC and use the Tax ID to open the bank account or just open it under my name for the purpose of the property?

An idea I had, following on Rayland's (Seattle)'s idea was to sell the project, with approved plans ready to pull for construction for maybe $50k over cost, and ask for a % at the backend, with the understanding that I would stay engaged in the entire process for learning purposes, while minimizing risk during construction phase.

Would it make sense to utilize the equity in the home toMove forward for purchasing our first investment or should we leave our main property’s equity alone?

You can open up a UPS mailbox and use that as your LLC's main mailing address. 

This is actually one of the main points in the sale speech of many SDIRA custodians and administrators.