When that portion was complete, I could then receive draw money which allowed me to pay my utilities, taxes, and mortgages.

That can be a draw back if the market is on a mad run up tho.Also, I would always have enough in a heloc to cover your 401k loan in the event of job loss or if you quit your job. 

Gross rent multiplier (GRM) A method that divides the purchase price by the gross annual rents when the property is 100% occupied.

Scope of WorkThe Subcontractor agrees to perform the following work (“Scope of Work”):Detailed description of tasks and responsibilities.Exclusions: [List any exclusions here].Materials to be provided by: [Contractor/Subcontractor].Reference drawings or plans: [Attach if applicable].2.

With Baselane I have the ability to do everything from initial vetting of the tenant to drawing up the lease to collecting rent (and issuing deposit refunds!)

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.

My draw down period is ten years of interest only payments then twenty years principal plus interest after that. 

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

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.  

Further you should look at how many nights you were occupied across all units here and divide $25,000 by that number.