It draws couples, small families, and roommates.

. :)It sounds like you're well on your way already, so best of luck to you, and I look forward to reading about the success you had in this first deal, and all of the subsequent deals you'll be doing after that!

Financed these funds and the bank set up account to draw for all cap ex items up to 80K with no time limit.

Unfortunately, I had no clue the HELOC had to be closed with the cash out and then re-opened.My current HELOC line is at 80k with a 10 year draw and 20-year repayment.

Just to clear something else up for me- when I'm finding properties this way, when we draw up a contract would my commission come out of the buyer or sellers pocket?

I am drawing up marketing ideas so that when I can take my real estate licensing exam(and pass) in May, I can hit the ground running.

Until the draw period ended, I maxed it out just before that and then paid the $100 fee to get the rate fixed.

Merchants Bank MN See Pavel Ushakov>=700 (credit score), <=80% LTV the rate would be Prime - .25% 
>=700 (credit score), 80.1% - 90% LTV the rate would be Prime + .50%
>=700 (credit score), >90%, the rate would be Prime + 1.75%30 years; 10 yr draw, 20 yr repayment.

Given that my credit score will improve subsequent to (and as a direct result of) the loan (DTI falls down to around 26% by my math), why is this not given consideration?

In my experience, there is no coverage for the matter when the commitment and subsequently the policy has an exception for parties in possession.