There should be an origination or credit portion of the file which was used to give and make the loan.  

A hundred years ago, most homesteads were quarter sections (160 acres) but frequently only a portion of that (perhaps 80 - 100 acres) was available for planting (the rest being consumed by ditches, sloughs, bluffs/shelter belts, farmyard and pasture).  

I guess I don't see the value in using the heloc for the 75-80% that would be covered in a traditional mortgage unless I'm getting a better rate (unless there is and I just don't know it), so my thought was using the heloc for the downpayment portion.

@Josh CalcanisI've been poring through the zoning guide PDF on the City of Orlando site, and I can actually shed some light on those mother in law suites regarding zoning.I'll paste the relevant info from the PDF below, but from the looks of it, it is OK to get those small out dwelling type buildings permitted as long as you follow a couple guidelines regarding their size, the lot size, etc.22.

As a tenant I don't want my landlord right next door....I want a little more privacy than that...If you can buy it I would tear it down and just add to my property size.....or flip it and let someone else own it long term.

The size and/or quality of the deal seem to be at stake. 2.)

It's hard to know how much it will cost to restore the home without any info on the size or extent of the damage. 

I think a lot of my questions regarding the BRRRR strategy revolve around the response you gave.I'm having a hard time understand how a full gut of any size can be done for 15-20K.My wife and I recently completely gutted our 2100SF home, and aside from the higher end finishes, we were looking at 50K easily.

Those look like standard sized easy to find columns.

By size, asset type, area, etc.