If an HML covers 100% of the acquisition and rehab, you'll get nailed with high fees and interest.

Essentially, this boundary delineates the city limits of Lexington and regulates new building developments within its confines, preserving the surrounding rural, natural, and agricultural landscapes.

It might be better to borrow more and preserve some of your cash. 

They are there for your protection and to preserve the value of your investment. 

You preserve the money you made in the purchase with the rehab of the property. 

(Seller needs the equity out asap, so seller-financing is out)As for the deal itself:       Located a few towns over from me (but not far enough where management would be a hassle), right near the better part of the borough, near the middle school, very close to stores & very close to where new construction is being planned & the area is on an upswing.2 - 2 bedrooms (1150-1200/each)4 - 1 bedrooms (850-900/each)Going inside it this week, but from my walks around the outside, I'm ballparking about 100k in renoSeller asking for 200kTaxes as-is about 6500Seller states all zoning approvals & site-planning have been completed, only thing left to do is pull permits and put nails to woodAs of right now, my immediate plan would be to sit down w/ the commercial people at my lender's, assess my standing, and start all the other due diligence common with a typical, residential purchase.

Do you want to preserve capital or grow it?

We're all just guessing at numbers (folks probably have it pretty much nailed) but it's always a good idea to post numbers if you'd like help with analysis. 

@Ramsey Blankenship, I think you hit the nail on the head: (previous) "property condition".Its new appraisal should be GOOD - for the same reason: (updated) property condition!...

Check back with me in a week or so, as we should have the property nailed down in the relatively near future.