One thing I’m not able to find, is if I as an owner can take draws from the company and if there are any restrictions.

I am not able to do HELOCs in Texas. 

Asset based mortgages carry a better rate but you are going to have your assets locked up not able to touch until you refinance or sell the properties.

Is he not able to buy land himself?

We had issue where some tenant were not able to pay with error "ACH Limit has reached".

I was unaware until recently just how bad the condition of the home is until recently when I sent an appraiser over and he said it was a tear down which a couple contractors have also now told me as well.The property is historical and has a county historical marker which it received after my grandmothers passing which we were not able to place yet.

Notably it is common for investors with sufficient equity for a $250-500k HELOC to have low or no first lien balances on the subject property.Furthermore on the target purchase, investors could theoretically have more buyer leverage as a 'cash' transaction and eliminate associated mortgage closing costs and have more investment options as a 'cash buyer.'

He owes ~$82K so we're not able to make it work at those numbers.

If you are not able to get it posted "by Property Owner" maybe try by "Management Company"

When the banks saw that there was a huge wave of defaults, they stopped lending so people that needed bank loans to buy a house were not able to buy houses.