Following is what VA law outlines should be done with the property in case of abandonment that is not an eviction.

Start a document that outlines every system in a home and start compiling pricing information based on information from contractors (I used to be a GC and I'd rather give someone a price per SF over the phone rather than visit the property thinking they're ready to work), information from other investors, asking questions online, friends and family that have had work completed on their homes. 

It all depends on what is outlined in the promissory note.A difference is that you don’t own a mortgage to a home.

Once you get to the point that you can leverage, like with a HELOC, you should avoid HML at all costs, literally.GIven the scenario you've outlined above, I'd use the HELOC for the purchase and my own savings for the rehab.

good outline ...possible  risks/ downsides to the idea of the cash out refinance : 1) rate/ terms  ?..

2) Avoid Misunderstandings - be up front and clear about every aspect and with every person - Do Make full disclosures, put it in writing, people have bad memories3) Avoid putting your (career) ladder up against the wrong wall and climbing it - Do think about what you want for an outcome and walk the steps backward on paper to outline how to get where and who you want to be

I outlined my strategy with these percentages exactly. 

I came across an awesome opportunity for some rental properties I'll outline to you.Seller has a 7 unit, a 5 unit, and a 4 unit.

If it is not the estate, in my opinion their interest in the lot is goneThe first transfer could have been internal as I outlined above.  

We respond with an email outlining our standards-you know; income = 4x rent, credit rating 700 etc.