A sales agent license will not suffice.

You just need a reasonable estimate of value and good comps will suffice.

Medium quality would suffice.

--Continue working for another 10 years, paying off the 300K on the HELOC as quickly as possible, and then buy another property, and start all over, possibly purchasing future properties out of state where 300K would suffice to make a positive cash flow.  

As long as the note payment are made on time, then come tax time, the amortization schedule, together with the bank statements, should suffice as proof for the tax deduction (to help calculate on the Interest Payment).

Usually, a 50/50 split suffices those needs and is perceived as "fair" by both parties.

@Kaleena Felipe a good Operating Agreement should suffice.

Do you think an Operating agreement would suffice without having a PPM?

Suffice it to say that in most parts of the country, the process is relatively similar:1.) start by looking at solds within 0.5 miles (or within the same neighborhood/subdivision, etc.)2. 

So then while you may have some equity, it doesn't mean your debt to income will suffice to pay for another rental property.I've done 2 different things in this market: First option is to get a second lienholder on your rental.