If the loan lasts many years or it becomes a problem child, the points we get does not cover all our efforts.

Such deductions could result in substantial refunds, providing critical financial support during a challenging time.Residents may also explore disaster loans or grants offered by the Small Business Administration (SBA) to cover damages or losses.

I would be looking to use hard money to cover the costs of renovations.

Had to put a new roof, HVAC, and finish the basement.

For example, on a recent project, Draw #1 covered the roof, demo, and trash-out.

., $700) to cover this, or are there other strategies for handling utilities in this situation?

Before you close, can the rent from your buddy and the midterm tenant cover your mortgage, taxes, insurance, plus a bit extra?

I then hired contractors for plumbing, electrical, roofing, and HVAC upgrades.

Given your assumptions, you are not going to be able to get enough of a loan to fully cover the rehab, even with a hard money loan, so you'll need to pull in cash from elsewhere.One possibility is to have your mom sell you the house with a personal loan, not one attached to the property. 

Lease Terms: Determine a monthly rent payment that covers the HELOC repayment (interest and principal) while providing some positive cash flow for you.