Since it sounds like it’s a subsequent use, you’ll likely have higher funding fee than you would have for your first use.

Things like a double master, or two rooms with en-suites would be huge draws once you rent it out. 

There is an architectural drawing that comes with the purchase.

If Roth was my last chance at capital, I would not draw for this deal, but my markets are different.

I would have to ask have you reached out to any HML to see what their rates are, what they charge for points, what they charge for inspections for draws?

Not a lawyer or CPA, but by setting up two separate entities (business and real estate), and drawing up a lease between them, you can dramatically increase the value of the property by structuring it properly. 

Would you be willing to receive four draw payments that would correspond to four phases of the rehab project?

Or should I leave it off as to be more of a draw to renters?

You've also got to make sure all permits are pulled/closed and all subs are paid (to avoid mechanic's liens).If the deal is he doesn't want to be over-charged, maybe title can do a holdback, then you submit the bill from a lic/bonded contractor for a draw with rem to seller?

@Ricardo A Perez besides details in general, if I had to pick 5:Draw ScheduleSelection of materials processIDs on file for all workersSigned affidavits for subs paidProof of insuranceMaybe weekly photos is 6?