A heloc is interest only so lower payments and none when not using the money but typically it is  line of credit commitment for a 10 year period before changing to an amortized loan and the interest rate is variable (during the non amortization period).

Professional flippers from different states were prevalent.

You have to commit to looking at deals until you find one that suits you.

I understand everything that you are saying, and figured that was the was reason but at the same time you ( NOT YOU) can’t assume I’m going to commit mortgage fraud when in fact I am actually going to occupy the home.

Before exploring it, it's important to note ARV is a construct used more with asset-based lenders than with more traditional, credit-based lenders, where LTV or loan-to-value is one that is more prevalent. 

Or that our board committed all members to a multi-year contract for about $200,000 without bothering to get competitive bids as is required by Florida law?

And since OP is likely an "insider" under the fraudulent transfer laws, the IRS can likely rescind the sale and also possiby stick OP with a conspiracy to commit tax fraud prosecution (especially, considering, he admitted to it being not above-board here on BP). 

No matter which method you use, you have to fully commit to it. 

With the Port of Freeport expanding and billions in commitments for many years to come this investment seemed like a solid long term play.

It's nuts.I suspect there are still some funds out buying up assets, and I know that there are some creative financing types, doing the old 'dueno a dueno' thing, owner financing, which might be a lot more prevalent these days, in our area, than any of us think.