The rider says, unless lender and borrower otherwise agree in writing, Section 6 concerning Borrower

I'm an agent/investor/developer in Houston so feel free to private message me with any specific questions you have about our market. - Chris Kersey 

So, treat it like any other loan, except you personally know the "bank/lender."

This puts us somewhere between 18-27mo pending sale.Land Acquisition: 1M + 50K in closing costsHard Costs:Demo: 50KConstruction + Architectural Plans (survey, topography, permitting included) = 1.6M + 80KPool: 100KSoft Costs:Appliance package: 50KFurnishings: 75KLandscaping: 20KAnnual Carrying Costs (utilities/property tax/maintenance): 45KTOTAL: 3,025,000.00 After speaking with two lenders, it seems the best course of action would be to put 20% down on land for 12mo/interest only.

A hard/private money will allow you to fund both the purchase and the rehab, so if the HELOC is not sufficient it would make sense to use this.

There are non-recourse lenders, but it's not really what you might think.

Switch lenders, get a new appraisal.

Hey, I'd love to start my own venture capital or private equity firm.

Using a HELOC puts more liability on you while the hard money puts onus on the lender while you leverage their money and maintain as much of yours as possible. 

@Chris Papa if your plan is to flip properties, most hard money lenders in Texas will require that the properties be purchased in an entity.