I have a group of friends (about 10 people) who continuously being up the idea of going in on a vacation home together.

Doing this, I would have to put the education expenses on a card.

Start with education - BP has tons of it.

I'm still optimistic and will continue to study how to get lending from a local bank .

Although I'm not promoting myself as an educator and do not provide any formal curriculum or program, I do foster a "learn by doing" experience from the nature of the JV relationshipI hope this helps to answer your question about the motivation from the experienced investor side.Bob***Moderator note that this reply is to respond to the poster's question and not intended to be a promotion of any of kind***

I wonder if I could convince my dad to assume it and continue to pay it and collect the rent.

BP is amazing and I'm educating myself as much as I can. 

For attorneys- it's best that you find one that's local however.Best of luck as you continue your search!

My concern is by using the HELOC as mentioned then applying for add'l conventional loans as we grow our portfolio how will this impact our ability to continue to get funding from the banks?

It is a small home, about 700 square feet and has been lived in continuously for 30 years.