And yes... because I've managed to invest only ~$40K in once everything is said and done, I'm going to be seeing a 29% cash-on-cash return and, including principle repayment, a 51% IRR! 

Unless it's a really unique property, it probably won't.

My current investment properties (2) in a resort community (45+) interested me because of it's unique opportunity to rent out a vacation rental for 6 months out of the year where people are willing to pay double what other renters are paying for a SFH in the area outside of the community.

Sure, there are unique "issues" with any transaction but the funders are going to show you what's good and what's bad and you're learning by osmosis.One more thing: When you get responses and submit quote requests to funders, be sure to fill out the note submission forms properly and completely.

I'm just not sure if I'm comping apple t apples due to the unique nature of this situation. 

Then you can refinance the acquired property into long term, repay the LOC and reuse.

There was no credit approval (which I didn´t see as a red flag because I have had lenders do that before and had no problem) and I he stated in email that I was approved upon the signing of Loan Repayment documents ( which I didn´t sign because I am not handing over $1,520 dollars for it to disappear with no protection).

Send a HIGH quality, unique mail piece with a personal, well thought out custom message.

As far as the turnover I would fully agree but this is one of the unique things about this offering/location.

In my mind  that is a win as I am able to repay the LOC and retain the equity I "created" in the new property.