Do not attempt this with a QI who does not have lots of experience and a national footprint. 

Specifically looking to use trex or similar, and expand the current foot print of the deck.

The terms we are getting are 30 day due diligence then 30 days to close with about 2% earnest money (sometimes hard money and sometimes refundable) with typical contingencies like appraisal, lender 3rd parties, and phase 1 environmental 

Purchase Price: $235,000 Subject to bank financing of $188,000 and no seller financing.Closing: 60 days or less.Additional conditions to be completed within 30 days of signed acceptance of purchase agreement:Review and approval of the documentation concerning the Property.Completion of satisfactory physical and environmental inspections of the Property.Completion of satisfactory due diligence search and examinations.Satisfactory review of the title of the Property.We appreciate your consideration.

Also, i'm not sure of your local zoning but if you rebuild - even within the same footprint - you can build smart and maximize the space to get the biggest ROI from your rental property. 

So, in that regard look for a LOC allowing you to put cash offers on good deals.Then you can get other investment properties, rehab them, rent them and then refinance in long term fixed rate loans, repay the LOC and repeat the process, thus using the LOC as your own HML, and putting the equity/money in your house to work for you.And I think the sweet spot is where you have enough positive cash flow offset by depreciation to a zero tax foot print.

Two identical models/footprints I looked at:A -  2 beds 1 bath.

Probably have to do a Phase 1 and possibly a Phase 2 Environmental reports. 

I have owned it for about 2 years now and have gone through zoning and development, half of historic tax credit application, environmental remediation and have brought the project to rough in.

Have you had a Phase 1 or 2 Environmental test done yet?