Sounds like the only heavy con is the drawing schedule for contractors being complicated - potentially scaring them away (?).

Back to the drawing board for next week.

While there would be ~$80k in equity left in the property once we draw on the HELOC to pull the down payment for the next house, after taking into account the above vacancy/reserve items the projected cash flow is ~$150/month. 

Do I just Google real estate attorneys and have someone draw something up?

Remember I'm here to save you from the bother of getting a full-price offer from a on-market listing.Since this is such a great deal, please don't tell anyone else that may have an interest in your well-being, they'll just get jealous of our relationship.So please, trust me and sign right now - You're not getting any younger and neither am I.Much love, Bob WholesalerMake sure you put in one of those handscrawl fonts and some fake-o drawings they'll think are cute and drawn by your kids.

I hired an architect to draw up the plans, and they were approved by the city (after many long months).

Your rehab funds are held-back and are disbursed to you in draws -- basically you're reimbursed as you complete line items in your rehab budget/scope of work.

I plan on only taking a draw right before closing on the new home for the DP.

We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.

We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.