I know as the Lender, I always have the option to modify things but the NoD helps set the stage if the borrower doesn't act or respond in a way I feel is beneficial to getting the project across the finish line and me my capital back.     

@Dylan RobinsonI don't think so, I think its just a matter of if the numbers make sense there isn't too much more to think about in my opinion without ending up in analysis paralysis.

But any analysis needs to consider the points above.  

I’m sure they aren’t advisable on larger projects but depending on the project size and complexity, they worked great for me. ~$650 for the study. 

If you are going to be active, and have high conviction in a project with a clearly defined entry/exit strategy then using a HELOC is one of the better sources of capital.But, I continue to have my stance that, on average, folks who use a HELOC to fund the down payment for long-term investments will eventually find themselves in a situation where their portfolios drain their personal financial situations, rather than fueling them. 

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

For small projects and so for the vast majority of sophisticated investors, the DLT is years away.

This helps them close quickly on properties and fund projects. 

Also, we had a number of people migrating to Michigan for short term projects in the area, so that kind of helped.

Your goal of buying, holding, and potentially refinancing in a few years is a great approach, especially if you're already running numbers and considering market analysis.