Looking for insight into borrowing money to cover down payments and floating capital between renovation draws.

They were based on assumptions that low floating rates would stay low forever and so would cap rate compression.

You do not want to use it for a down payment where you will end up having to float it for 3-5 years before you can refinance the next home to pull out enough cash out to pay it off.

You're left with 2 days floating in between these stays that, because of your 3-day minimum, will not even be seen by anyone searching.

Knowing what I know about Bankcorp, the loan would have had a floating rate, likely somewhere in the range of SOFR + 3-5% and would mature in October of this year. 

We floated the most affected areas, probaly should have spent the extra $1000 to float the entire house. 

You can see how it looks; https://333rent.com/ (it's on the top banner on the right).

For the land, which we figure will be in the $300,000 - $400,000 area, we're floating the idea of having a friend finance the land and lease it to us, with the right to purchase the land within a certain amount of time.

Plus I  would hate to take over a property where I would be floating the property out of my pocket until it could get leased up. 

You will want to make sure the title is handled correctly to remove both husband and wife and also make sure the chain of title is clear and has no "floating" judgments.