You'll still need some liquidity for reserves and to be reimbursed for work completed in draws, however its usually limited to 10-20% of the rehab budget needed in reserves to make the deal work.You're welcome to DM for more details if interested. 👍 Good luck!

The value in what Brian brings is that IF you find good deals there and WANT TO do them, being in his program, his contractor will front the reno money until you get construction draws back from your fix and flip loan. 

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

Then the following Friday, the twenty day marker, they are requiring another $25,000 and they are only funding $179,000 of the deal and of the $65,000 in SOW (low bid) only $40,000 will be funded and on a draw. 

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

Another pro for a HELOC is not having to meet a HML's requirements for a loan (insurance, draw schedules etc....)

(Respectfully- Please don't tell me to save up and quit my job it's just not realistic for me and won't be anytime soon)If you read the threads on BP concerning wholesaling, you should be able to draw a few conclusions1. 99% of people trying wholesaling fail2.

Going in, I have a HELOC that I can draw about 60k from my primary and then 25k in cash.  

If you're anything like me, customer service is the main draw for me when I am choosing any service provider.Look at websites, reviews and testimonials.

So back to the drawing board, but for myself the big takeaway is to continue on the course that I set out on and too continually learn and stay involved with goals that I set out on and to stay focused.