An attorney can draw one up that works in your state.

I know that with TD Bank you are just paying interest on the money you take out during the draw period. 

You should have an attorney represent your side, s/he will draw up your docs and review.

well, if you're a newbie and aren't sure how to move forward then you need to return to the drawing board. get some more researching and studying in. some opportunities will be a bit much from a newbie perspective. there's plenty of information available here on BP for homework purposes.kudos,Mary  

Close to closing on a $170k HELOC with PNC Bank (no closing costs, interest only for 7 year draw period) due to paying down primary mortgage and market appreciation.

It can be done need a licensed Hammond contractor will need to submit drawings for approval.7501 Jackson  was converted and sold for $210k..Join Justin's group and watch yesterdays presentation!

When you buy the next rental you draw against the HELOC for the down payment and the money in your checking account would be your reserves.  

When giving out draws to contractors (30/30/30/10), how do you determine, based on pictures what percentage of the work is actually complete?

Taxes and insurance are paid for the year, and I still have over a year's worth of loan payments in the draw account.Recently I had a discussion with the PM that he thought it would be a great section 8 property, and wouldn't need much done (potentially windows).

The closing office will keep the rehab money and you can draw from them when you completed the renovation.