HELOCs are supposed to close within four to eight weeks but can take longer if underwriting requires additional information or documentation. 

You have equity in your primary residence, so refinancing could be an option to obtain the additional funds needed.

You can then bill additional fees/utilities, etc as needed.

. $1200 is expensive when you consider the alternative that I am suggesting is infinitely expandable at no additional costs for the rest of your life.

If you are considering a larger multi-family, there would be additional things to check like employee records, reserve funds, review of bank accounts, environmental assessment, and more.

If its a normal expense that you would or could have in any year, then we cant add it back as income and those will affect your DTI. 

Probably 50% or higher long term.Rent $850 - expenses $425 - lot rent $296 = cash flow $129/month.If you assume a long term hold depreciating by 50% as well then you will need to deduct probably an additional $4500 from your income.   

In addition, they provide a 90% mortgage on the spot if you bring tax returns.

Does it make sense to get a property each year for the depreciation, additional tax shelters?

You should look to see if the potential savings will outweigh the administrative costs.I would not put the properties that you intend to buy and hold into the S-corp.Let me know if you have any additional questions.