However, splitting cash flow & potential future equity might make a deal this small not worth it other than the experience.

Since I'm getting close to my 10 loan limit, I wanted to see if a future HELOC I get is considered a loan that goes against my 10 loan limit.

I was not sure I should take some extra income now but pay the tax or just simply leave it for the future investment. 

Under that structure you would be regulated by the SEC and the whole deal should be structured accordingly.If you are planning on having some level of active involvement in the operations and not completely relying on someone (The GP in this case) to manage your capital with the expectation of future financial return on your invested capital then you can go ahead and just go the "partnership" route.

I also feel that Oceanside has great appreciation potential in the future as it is one of the last beach cities in San Diego that I feel is undervalued.

In the future, if it's not in there you may have to address it in future agreements.

I look forward to the experience with you all and maybe even become a future mentor..

While I definitely would like to see a good return, I'd also like to be fair to potential Buyer who could be a source of future referrals.  

That would mean the bottom end of the market could under-perform in the future.

In the near future, I would like to get involved with flipping properties and implementing the BRRRR strategy.