Typically they would require your numbers up front, rehab with a schedule of "draws".

The draw is actually this coming Fri for 2026The market for STR seems saturated in popular/touristic regions, however, if you have a unique property and offer affordable pricing, you may get descent occupancy. 

I dont really have a lot of cash on hand (due to renos) and don't have any big loans or LOC to draw from.I have a background in civil engineering and have a good understanding of residential housing and construction.

I am also leaning towards GC'ing it myself, so I'm using an architect to draw up plans, and I'm looking for subs.

I quickly learned that pools are expensive to maintain, but they’re also a major draw for guests.

What is drawing you to that specific location?

(Respectfully- Please don't tell me to save up and quit my job it's just not realistic for me and won't be anytime soon)If you read the threads on BP concerning wholesaling, you should be able to draw a few conclusions1. 99% of people trying wholesaling fail2.

I was considering taking out a $240K HELOC with a 10-year draw period and pulling $160K from it to build the next rental property.

One of the side benefits is that I can avoid the whole draw/inspection process (not overall inspection, just the ones tied to the draws) and don't have to worry about draw fees.

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal.