But now you could refi, draw out your initial investment and the property would cash flow.

And of course all the events and attractions that draw people to Myrtle Beach are just 20 minutes away.In addition to Murrells Inlet, I would consider the adjacent Surfside Beach... which sits right between Garden City Beach and Myrtle Beach. 

I handle payments by draws and I must always be ahead and work versus payments.

You shouldn't pay any draw until the work is done.

When you draw from the equity, you are "borrowing" it from the bank and have to pay interest.If you borrow against the equity at 7% interest and then loan it out at 15% interest, you are earning a positive 8%. 

Where I'm at if you change the size of the window by 5% or more you have to have engineered drawings showing the changes.  

They have a 5 year draw.  

I have some of the required funds in a HYSA, but will most likely need to draw from another account and I'm curious which method is the most efficient in terms of taxes/capital gains, penalties, loan repayments, etc.Based on my previous transactions in the market, I estimate ~$45k cash to close: $20k for the down payment, $15k for closing costs and prepaids, and $10k of starting reserves.

What is drawing you to KC?

It comes down to factors like your area, your market, your experience, the team you can draw from and how mush you need to make to support the investment of time and capital.