The banker I used is giving me a draw of $46000 to fix it up and it's only going to cost me $25000.

I've mailed to absentee and owner occupant, and my deals have come from both.Your frequency - You will get deals off of your first mailing, but I've read in a few places and heard on podcasts that more deals will come from consistent subsequent mailings to the same list. 

Would I be able to draw upon my experience to identify red flags?  

I have a schematic set of architectural drawings and from the drawings I have set up a rough proforma which, so far, is looking like it could be a profitable endeavor.

Once you have a healthy rainy day fund and a good credit score and credit line to draw on above that, then it is smart, if you have no higher paying investment opportunities to retire some debt early.  

A lot of it would depend on exiting, isle placement, types of refrigeration, full or limited meat department, bakery, etc.Even the large grocers like Albertsons can't estimate a cost per square for a store buildout unless they've designed and constructed the buildings to their specs.Unless you're dealing with an experienced contractor who has built out multiple grocers, I doubt you'll be able to estimate a buildout cost.This type of capital improvement is just to large a component of leading costs so my advise would be to spend the money and have an architect layout the store, they don't need to draw up plans just yet, and then find a qualified contractor, or two, or three, to bid out the job.

Every subsequent deal has been better but our key has been doing!

Or does it work on draws similar to HM Loans?? 

What are the required drawings?

If the guarantor is highly leveraged and needs to take a draw from the subject property to support other projects then I am much less comfortable.