I would enroll in an architectural college and start drawing my own.

After contacting about 4 lenders, I am finally trying to choose between these two offers:Option #1: 200K at 10.5 % variable rate, 20-year draw periodOption#2: 138k at 7.6% variable rate, 10-year draw period.Which of these would be beneficial for a newbie investor like me.

Although we weren’t changing the exterior, we were asked to provide a survey of our property, elevation drawings, stamped FAR calculations, and sat in front of the city councils to obtain an approval (the special permit).

This is an internal accounting requirement  You can cut a check to any member as a drawing or return of capital, to them individually, that's not an issue. 

I work with a design agency that handles drawings and permitting throughout the state.

Email the adjuster and your agent that the initial draw is no where near enough to put the house back together without sending the estimates which will take a couple days.

I just wear so many hats...for example...I do the advertising, selling, hiring, firing, scheduling, payroll, taxes, product research, price negotiation, inspections, insurance meetings, insurance write ups, bank meetings, draw requests, and when I need to I can pick up any tool on any project and do the work better than the lead guy on the crew.

The amenities and outdoor space are the bigger draw I have seen. 

Probably like any market, look where the new construction is happening.Look at what people are buying and what they are willing to pay.See if you can do it better, faster, cheaper and still make money.Then calculate the max you can pay for lots.Then go find lots to build on.I'd probably draw a big circle around DFW and buy on that circle or just outside of it. 

With say $20k in cash-out, and $65k held in escrow, you could recycle that $20k three times over by completing work, ordering a draw from your rehab loan, and receive those reimbursed funds for completed work in 3-5 business days.I walk through the whole BRRRR process with clients via purchase-rehab (or refi-rehab) loans, and then DSCR refinances once work is complete.