If you're simply doing your own deals on the side (buying and selling) without a formal listing in the MLS or a commission involved, you should be able to continue as if you didn't have a license.

Things get twisted once media and the Internet is involved.

Also, get involved in the forums on BP.

Most sales are not that distressed, most properties were exposed to the market at different times or for sufficient periods, there is a bit of pride and ego involved with folks patting themselves on the back closing a deal, usually, what they paid is or is pretty close to what its really worth at that time.

Get involved, ask questions, contribute where you can and enjoy the ride!

Do I have to get a title company involved?

Gauging from distance it looks like it could be near Firestone area.

A HELOC (or Prime Equity LOC to be semantically correct when it involves a rental as @Chris Martin has pointed out elsewhere) will have its adjustable interest rate pegged to either Treasury or LIBOR.

I have to assume that with the size of house I am building, there will be kids involved.

All of this is negotiated and spelled out in your operating agreement your attorney sets up.Expectations have to be clearly defined and agreed to UPFRONT as equitable for all involved.