Hard Money Loan with a subsequent refinance.

Go with the cash out refi and if the rate difference is affecting the feasibility of your deal, then you don't have enough margin to be drawing that much equity anyways.

I understand there's a draw period and repayment period.

I don't think you would want to use for architectural drawings, but for my purposes, it has been great.

Is that what is drawing you into flipping/wholesaling?

I did get a quote from an architect, and his quote was about 15k, not actually including the engineering drawings, which would be extra as wells as title 24.

IMO a good agent pays for themselves and can often draw a higher price than FSBO.You also have to ask what your time is worth. 

Like our new homes we are building NO one will survey them .. the lender though does whats called a foundation survey and we do whats called a Hub and tac  lender before we get vertical draws on the  construction loan wants to make sure the foundation is on the lot and in the right spot..

I'd have an attorney draw up the Joint Venture agreement and reuse it for each investor.

@Alex Folchi if you do go that route just protect yourself, have the lawyers draw up a post possession agreement with a heft escrow hold back, perhaps $10k that stays there until she moves out and the house is delivered to you in the same position at it was on closing date.