Wouldn't exactly draw in a quality tenant wanting to make a great impression on their customers.What about a chiropractic office?

It just sits there until you do a draw. 

The one thought I have is that multifamily properties don't appreciate as quickly and you will have less equity to draw out.

Just make your consideration on what the current market tells you what to do.

I'm visiting my dad for two weeks after four years apart, I intend to look into vacation rentals in his area for future investment considerations.

With the funds, would pay off the draws against the LOC and then set aside remaining cash so we can eventually build up a war chest big enough to not have to utilize the LOC.

I know I have considerably more coming in than going out, but I like precision because it gives you and accurate picture of where you are at any given time. 

The application that they completed in the beginning should give you some insight into his ability to pay, but I would still require an updated application and new credit report on just the husband as a part of drawing up a new lease.

Any specific questions I should ask besides rate, closing costs, draw period? 

I have an agreement with a buyer and seller on wholesale seller finance deal but I can't find an attorney who has time to draw up the contract for me until next week.