She is gifting me the HELOC to use towards down payments for future rentals, so I would like the flexibility of only putting 5% down on this first property, if needed.

Your best bet to get a "free" place to vacation in my opinion would be the Airbnb route just because of the amount of flexibility it will give you.

Should we just pay the capital gains taxes (haven't owned for a year yet) to give us more flexibility in buyingC.

If full, there are seven desks for rent by the day, week, month or with flexible options When desks are full, building is break-even.

(the interest rate for pulling cash out as an investment property would be much higher than a primary, so this may not be your best option)3) Take a HELOC out on your primary residence up to 80% CLTV and purchase another property - This option allows you the flexibility to purchase now or later on your timeline without paying interest on the money until you are ready to use it.Please do not hesitate to send me a message here on BP if you have further questions about strategizing for your next purchase.

If I were in your position I would try to speak with local banks as they are typically more flexible for lending.

What setup/structure do you prefer for your real estate business (best for taxes, best for flexibility, best for liability)I have done extensive research and the way I'm seeing it is this:Setup Corporation in Montana/Nevada/DelawareEach property you buy is setup as its own LLC in the state that it's in and the main corporation is the owner.For example:Main Real Estate LLC in Delaware555 Elm Street LLC in Texas (owned by Main Real Estate LLC)450 Hickory Street LLC in Texas (owned by Main Real Estate LLC)145 First Ave LLC in Iowa (owned by Main Real Estate LLC)I want to get this right before my next purchase.  

Try a local bank or credit union, they'll often have more flexible lending terms than some of the larger players.

Orange Coast is pretty flexible in general. 

There may be SOME flexibility to allow for only a 12-month history depending on your specific scenario, but if you just graduated that is unlikely.