New construction codes would require the construction of a house that is more resistant to high winds and will have a new roof.   

Can't say I have studied cards very much, please make sure you, or someone pays off the balance every month!!

A CSLB-issued license is required for all construction-related work that costs $500 or more in combined labor and materials.Thirteen of the 18 suspects were cited for contracting without a license (Business and Professions Code section 7028).

Sounds like they lent you the $ vs a partnership with an equity split.I give my private lenders a note (that spells out the interest rate and terms) and deed of trust for physical collateral I then make payments to them and the balance of the loan is paid off with the sale proceeds or a refi.

Do you know if they have a requirement for sourced and seasoned fund verification?

It just going to require a lot more cash to set it up properly so I would consider that up front :)Best of luck!

Some real estate investments grow a little slower and even though there is monthly rents collected, there is deferred maintenance costs and management requirements depending on what type of properties.

A heloc can "Never" be used as an "Asset" or for PITI reserves when buying another property which is required.

The lender will usually require a letter of explanation as to why you're buying an investment property instead of a primary especially if near where you live. 

That's what the requirement is for if you wish to move out and make it a rental too.