One of the side benefits is that I can avoid the whole draw/inspection process (not overall inspection, just the ones tied to the draws) and don't have to worry about draw fees.

What is your draw fee & benchmarks for the repairs portion of the borrowed money?

We funded the first draw of another and now he's telling our borrower that he doesn't have the money to order materials.

Hey @Jaycee Greene someone on our team handles the acquisition and lending/banking portion, we only do the monthly bank draws for construction costs!

I was considering having a lawyer draw up a baseline loan doc and make tweaks to it on a per loan basis.

What is drawing you to that specific location?

Payment is guaranteed through draws with a short-term lender. 🚨 This is your chance to get steady work with NO payment hassles.

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

So back to the drawing board, but for myself the big takeaway is to continue on the course that I set out on and too continually learn and stay involved with goals that I set out on and to stay focused.

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.