Thar sounds very good idea and so easy to understand ! 

I personally own a personal home for the past 7 years so I kind of understand what can go wrong and things of that nature besides being a landlord, I never rented where I live just yet.i do agree with you, I’m still okay with going after a single family especially if it’s a great deal, why pass on it but, I do want to take it easy whether it is a single family or not, a duplex would still be a little considered easier compared to like a triplex or a quad. 

@Danielle TranI am a loud critic of transferring properties to LLC’s when it is residential, but for commercial properties I do recommend those be held in a LLC.I would speak to you accountant and an attorney in regards to understanding the tax consequences as well as the attorney regarding liability of the commercial property.

Understanding and taking advantage of the variety of tax credits boosts the return on your property and allows you to be part of the move to conserve our nation’s historic treasures.When rehabilitating or investing in the rehabilitation of an eligible historic or non-historic building, you may be able to take advantage of one or both of the historic tax credits: 1) Historic Tax Incentives and 2) Historic Preservation Tax CreditsYou can receive a federal income tax credit equal to 20% of the costs associated with rehabilitating the building.

This is the first year my prior home became a rental and I understand that depreciation is only for the value of the home.  

So If I understand this I would be looking at base rate +4.125 then whatever additional rate the lender is adding on, minus points to buy the rate down? 

It's an overlay...the guidelines are minimum standards for a conventional loan, it doesn't mean that a lender has to give you those loan terms.

@Jack LittleThere are standard templates from Fannie Mae but I would have an attorney draft these documentsThey can be held (the lender) through a deferred retirement account but make sure you are using a third party servicer to collect payments

I’m 22 and was never really involved with out of state affairs so I’m just trying to get an understanding of what happens after things like this.

So basically if I’m understanding you correctly, your saying a way I could potentially use my equity is as the down payment on a BRRRR as long as it’s ARV was large enough to get my HELOC money back after refinancing?