Be sure to check for pre-payment penalties, and extension availability/fees. 

Considering your HELOC is a 4% interest I would personally consider it an "extension" of your mortgage.

As I view distressed properties in my target area several properties have met the criteria but the outdated Google street view didn't show the current condition....in a nutshell, its has extensive fire damage.

I came to the decision I’m going to pay off my debts and just be debt free for awhile then invest once I save up again it’ll only be about about another 6 months before I can buy another property just a little extension

I would probably ask for a bi-monthly inspection, take extensive photos, and require any damage to be paid for. 

We did not assign them to Trust or anything like that, were just keeping them in the LLC and running them as an extension of our personal finances.

Duke,Glad to see you've received an extensive feedback with the detailed explanation of various funds' options as well as pros and cons from such experts as Mike Dymski and @Brian Burke. 

For example it will be nearly impossible to find anything priced at 70% of ARV, and you may end up needing to do extensive renovation because many of the properties that required minimal work to flip have already been flipped.

Now that will cost you, but in general, the cost of an agent is returned by the higher sale price due to the more extensive marketing achieved through the MLS.

I am waiting for his 2018 tax return (he got an extension), then based on what I can figure the expenses to be, will send him a letter of intent to get into see the units.