@Lester Walkowicz Pen Fed does 80%LTV Helocs on rentals if you have 4 properties or less including your primary. 12 year draw, variable prime + 1%, no closing costs unless they need to do a site visit appraisal, if you close the account within 2 years they charge you the waived fees from initial setup (ie $400-$600 dollars). 

Once you close on your construction loan this pays off the land loan and you pay interest only on your draw amounts until you finish the build, then it rolls into a 30 year fully amortized loan. 

Remember most lenders require you to front the money for the rehab, and then you'll be reimbursed after inspections (draw schedule).As a tip, if you're planning on holding the property, check around with smaller local banks in your area. 

Money in exchange for equity, HELOC is generally easier to get, it's like a credit card, use it as you wish or draw on it as needed.

Some hard money lenders have you pay the contractor out of pocket, then reimburse you, other lenders, have a construction manager verify the work and then pay the contractor directly based on predetermined draws. 

To determine that I divided the value by the rents and got a number.

Also understand the rehab escrow/draw down process. 

@Justin Butterfield It would be wise to speak to a real estate attorney and have them draw up a letter to the tenant.

Hey Ceasar, As someone who owns a wood window manufacturer, your pricing is going to be 3-4x higher than the cheap drop in or hang flange vinyl windows; however, prices will be comparable to Marvin true divided light windows.

Trying to divide it up among that many tenants does not work out.