Once you have your goals set, draw out your plan and do it!

They will loan based on the property and you might get better terms if they are comfortable you know what you're doing (or more likely you will get worse terms if they think you're a total newbie).Depending on what you're doing you might get all the money at closing or you might get draws as you finish parts of your rehab.

My thought is get the next rental as it will draw more income then the two refinances will save me.

But if there's a way that we could do it to avoid any issues, I can have my lawyer draw it up to protect me.

I'd hope for a lower rate but plan for the worst.  10 year draw period interest only payments = $125 per month (additional principle payments made ideally)20 year fixed payment assuming no principle reduction = $235 per month$235 payments would begin approximately 8 months after the primary mortgage on house #1 is paid off.  

Maybe you can draw out the area on the map and add a little description why? 

@Shari Peterson does some of that arbitrage stuff and might be a good person to reach out to.In principle, this is the same concept used by people that draw on their HELOC at 4% to lend out at 10%.

They state that per code and engineer's drawings the work must be completed in order to pass inspection.

It's always a good choice to start with a drawing or a rendering of the proposed structure.

Bought and sold one flip, bought two more and finishing up permit drawing on two more we own.