The highest rate we offer is 13%, I don't know how you'd do a 15% rate, those coupons aren't selling in the secondary market.It's not a one size fits all whether a HELOC or Cash Out is better.

This California State Legislative code outlines which encumberances will survive a tax auction (see below in italics), and I want to make sure that a Deed of Trust with Assignment of Rents does not fit into any of these categories.

I should look into a lender that fits my criteria however so I appreciate that.  

It might be worth checking them out to see which one fits your needs best.

There is no magic bullet or one size shoe fits all.

You'd even be able to talk to someone who specializes in STR to see if the property would be a good fit. 

Land seems to be a better fit for someone like me just starting out with very little in the way of capital. 

Plus, you want your lease agreement to fit your business model, help you to reduce costs, provide for compensation from the tenant for administrative burdens imposed on you by tenant acts or omissions, provide for procedures tenant need to take for maintenance and other tenancy issues, etc.

Bottom line quote that we pay out in specified milestones (which align with our hard money lenders payouts). - besides or JV partner watching progress, on completion we hold back a portion of the payout pending a final residential inspection. 

I cleared most of our portfolio over a few years because they didn't fit where I am going.