If there are no boarding house limitation to the number of unrelated persons, does this structuring matter?  

Are you looking to invest in a private fund as a limited partner? 

Have a lender who also educated you through the process and a real estate agent who knows the area you've already done your own research on as well.Know the passive activity rules: Early losses may be limited depending on your overall income and activity level.

You limit your liabilities by going with separate LLC's.Splitting ownership 50/50 means that when you both can't agree, and there will be times you don't, no decision can be made.

I get an email alert each time a deposit is made.I prefer not to use any third-party vendors (Zelle, etc.) because firstly, that creates another link in the chain that can break down between the tenant's deposit and my bank account (or, create capricious limitations and hurdles like the one you are experiencing).

At the moment, I have a small amount of savings that I’d prefer not to use, though I do own a home with some equity (though limited due to PMI).I’m based in the Greenville/Spartanburg area, where there are many new builds and opportunities.

Don't confuse buying in good markets with limiting yourself to being from those markets.

I was looking in the South and West Philly area, but don't want to limit my search, and could use some help here. 

For instance if your credit limit is $1,000 do not have more than a $300 balance.

The Bank or Lender holding the Heloc can reduce the heloc credit limit or even close it completely.