I would also say that there needs to be a cap on the first with regard to rehab draws.

Some HML may be ok with desktop appraisal/BPO compared to a traditional lender.If you are doing renovation then the draw process i find private lenders to have more flexibility in regards to draws and number of draws. a HML is more convenient but you will pay for convenience. 

It seems like a great draw for people especially if you are a few blocks from the beach.

We draw up an amendment to the lease adding the new tenant.

Personally, I do not B&H in Lehigh as there isn't much of a draw there.SWFL Update - Cape Coral, Ft Myers, Lehigh, Naples (biggerpockets.com)

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots. 

I don't know anything about Lenoir City - is there a particular draw to this area for short term rentals?

You may want to request the construction drawings / plans for the utilities that were installed to help better understand their impact to your property. 

Only in the one off chance that we have another meltdown situation again, and they shut off the ability to draw on the HELOC's like they did in 2008. that way you are not stuck with no cash.

If you don’t have that, I’m not sure how you pin this on the washer outflow or the tenant.