Are you saying that the mental conclusion that a seller makes is essentially what determines whether or not I could get in trouble structuring a deal with them without proper licensing?

It's essentially short term, high interest money and you can borrow the purchase and the rehab costs.

You are essentially buying tenant risk, pay to inspect the physical plant, pay to inspect the contracts.

I am now looking to leverage that money by getting what would essentially be a HELOC but for an investment property instead of my primary residence.

I called the GC and he essentially told me what I had originally thought: they didn’t have a solution in mind when they drafted the proposal.

I am working on my first BRRRR and while speaking with a few local banks I just want to make sure I cover all the essentials, what are the primary questions I should be asking when working the local bank?

With all of the late fees they have paid you essentially have a security deposit equal to a year rent.  

This podcast is very good: https://gooddeedsnoteinvesting.com/podcast/ @Chris Seveney @Gail GreenbergAnd I recommend this book: https://www.amazon.com/Paper-Profits-Beginners-essentials-mortgage-ebook/dp/B06Y4C7X6Y @Joshua Andrews

Profits are essential for a business, but too often people look at it short term, so numbers are good today, but the business suffers in the future. 

Essentially all I have is a shell of a home.