You won’t get the metrics like the pay down or the returns on the second note this way but you can get the accurate cash flow.

This also begins YOUR title seasoning, so that when you're ready to take out a traditional mortgage, you can refinance and pay off the seller without a title seasoning issue. you can buy title insurance from the title company at closing. this is a good idea. 

This money will be used to pay down some debt I have and also purchase 1-2 additional rental properties.  

Pay everyone more than what they make now at their construction job, be kind, and give them bonuses based on completion, and they will never leave.   

Also there is a management fee to pay for all of the above.

Before you pay for inspections, estoppel, etc. go look at the property yourself.

We pay 8% & less than you've shown on other fees for great service.   

Trans union missed an obvious reject candidate and now I’m paying the price.

I would only use the heloc if you plan on cashout refinancing one of the properties to pay it off once the rehab is complete. 

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?