Loan Structure for Commercial Vacation Rental Operation

[Chase Hoover]

My partner and I are analyzing a commercial vacation rental operation (6 cabins).  The cabins need to be remodeled to reach their full potential however we likely would not be able to do the work until next fall.  

A local lender has recommended an SBA 504 for the total of the purchase price plus remodel costs. Since we will not be doing the work until later on, would it make more sense to use the 504 to purchase the property only right now, then seek another loan or LOC when we are ready to begin the work?

If the latter, will SBA have issues with us adding another loan or LOC to the project?

Second question - my partner is a veteran, I am not. Does it benefit us to structure our LLC for this project to favor his ownership 51% to better qualify for the loan?

The answer is probably simple and I apologize but my brain isn't fully functioning after staying up all night running numbers.  Thanks for any advice!