The advantage with the bank was minimal closing costs, a good interest rate, and a draw system so I could get funding as I completed each rental unit. 

Lower land and building costs mean higher returns on investment, and there’s a quiet but consistent need for quality housing as remote work and cost-of-living shifts draw people away from cities.

I'm just wondering if homes that are furnished draw in tenants who don't tend to stay that long?

Since all parties are willing and cooperative, still use an attorney to draw up paperwork that covers all contingencies and all parties' interests.You'll be glad you did. 

You can just draw lines on a map, and it can spit out every property with whatever parameters you put in. 

When you draw from the equity, you are "borrowing" it from the bank and have to pay interest.If you borrow against the equity at 7% interest and then loan it out at 15% interest, you are earning a positive 8%. 

But now you could refi, draw out your initial investment and the property would cash flow.

You shouldn't pay any draw until the work is done.

It comes down to factors like your area, your market, your experience, the team you can draw from and how mush you need to make to support the investment of time and capital. 

A good investor's agent knows when its necessary to request repairs or even concessions to offset the cost and even have repair money escrowed for the buyer to draw from after closing.