Next goal is to get into STR to maximize benefit on W2 Taxes and then hopefully try a flip.

My goal has been to borrow money for the rehab, rent it out to generate income for the Trust's beneficiaries, and then do a cash-out refi to recoup my down payment and any other out-of-pocket expenses.I believe there are limitations in an Irrevocable Trust, which would prevent me from simply deeding the property to myself or possibly even to an LLC if I create one, even if the end result is in pursuit of my fiduciary duties to the beneficiaries, as Trustee (i.e. making the home inhabitable and generating rental income for the beneficiaries).

We have two or three projects we may pull the trigger on.  

EP #1 doesnt get out of bed unless the deal is $20mil+ and EP#2 is more in the $1-$2mil range and would hope to JV a potential project with others.

They're usually fine getting 2 draws throughout the construction project and it just costs me an additional few hundred dollars in fees.

What are some of your RE goals? 

When you get tied up in a project that you used a HELOC for that ends up taking 9-12 months, and you can't pay it back, that is when the interest will really start adding up and ruin the project. 

So, if you can manage to find the money for even a SMALL BRRRR and execute it well your capital can increase to do slightly larger and larger projects as you complete each deal. 

However, with the projected negative cash flow and uncertainties of remote management, consider the financial strain and risks.

Take on a partner that has done these kinds of projects before you lose your shirt, All the best