So basically if I’m understanding you correctly, your saying a way I could potentially use my equity is as the down payment on a BRRRR as long as it’s ARV was large enough to get my HELOC money back after refinancing?

I have some more reading to do but if I understand correctly I will assume title under the Ladybird Deed and can just continuing paying the mortgage from my parents current mortgage yet not actually "assume the mortgage" and not have it impact my eligibility for a future FHA financing.I may have awkwardly described what may be the strategy. 

Having a solid plan in place will help alleviate some of the fear and indecision you are experiencing.

I highly suggest teaming up with a broker who you'd want to build a relationship with and truly understands the ins and outs of different underwriting guidelines. 

I understand that you could also keep your LLC and have it placed into your revocable trust without dissolving it.

Hi Steve- I used to work in the insurance industry and understand the confusion.

He needs to understand you are buying one of two things- his business as a cash flow entity OR the property (retail) with two trailers (wholesale). 

It's best to work with a broker that has a great understanding of various underwriting guidelines. 

I want to further expand my knowledge because I dont understand much of real estate terms, taxes, and everything in between. 

It is more of a pain but I understand DC is pretty tenant friendly also.