Most of us will look at the ARV, and give rehab funds in draws.

What is drawing your eye to Flagstaff besides the bonus of already living there. 

That they don't service their loans well, lag on draws, say they can close fast but don't etc etc.

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.

The last time I stayed in one, I was charged a large cleaning fee and then met with a list of what to clean prior to us leaving.

(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.

well if I ever make it to the Smokies to see what the draw is  I will rent a condo then :)  I am just guess but I suspect folks that go there want to be in the woods and hear the birds and maybe some local mtn views etc.. or some sort of privacy they never get at home out east were there is not very much public lands close to where they live in the big city. ????

Draws in good demand for long term rentals as well as appreciation. 

Id go right into looking at local credit unions and small community banks for HELOCs (lines of credit) so you can have a lower blended rate and draw/payback as you please.For the 3F - Since this is free and clear, you would only be looking at 1st position options here in the world of financing.

I would lead with what the draw is and what sets you apart from your competition.