I argue that more money in the hands of the rehabber makes the loan safer.

While leasing is the front door to maintaining a property’s occupancy, renewing tenants is the back door.

(normally recommended, especially if you are a landlord)- Water Backup: For water damage due to the backup of Sewers or Drains.- Personal Articles: Coverage for belongings that have a special or collectors valuesuch as Jewelry, Furs, Fine Arts, Collectibles, etc...Your age should not be a factor on the pricing but, depending on the company these other factors may get you credits:- Insurance Score (company pulls certain info out of your credit report).

Is getting a cash out refinance a better way to do it instead of getting a HELOC?

It's terrifying to think how fast it can spread with that kind of force behind it.

Knoxville specifically has some rules regarding STR in the city limits, county is a different set of rules (little more lax). 

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I see mostly out of state or out of country investors working with New Western in Birmingham because they don't have the knowledge of the city and surrounding areas.

I am willing to pay to leverage their connections, especially considering I am looking for my first out-of-state deal.

To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs.