You can take draws as you complete phases of your rehab. 

I guess that's what draws me to it because I get to learn the theoretical knowledge AND apply it through actually working.

We are 3 friends who have created an LLC in the state of Florida to invest in residential real estate and mostly turnkey. Next step is to create an operating agreement and we are looking for an attorney with real esta...

They set up a draw for me so the rehab payments are deposited into my bank account at the appropriate times.

I then taught myself how to create construction drawings, that was a breeze. 

This was solely to educate him and hopefully draw him into the investing world, little did I know a close friend of his had always been interested in real estate and he had unbeknownst to me been relaying the info I told him to his friend.

At the end I was able to secure tenants, drawing in $57,600 gross a year with 0 vacancy (mind you, I only signed 2 x 1year long lease cycles, and yes, I had new tenants come in the literal next day after move-out so 0 vacancy.

I now have the HELOC down to a $421,000 balance on a 15 year draw period and a .25% point under prime rate. 

I now have the HELOC down to a $421,000 balance on a 15 year draw period and a .25% point under prime rate.

So don't draw it until you are ready to purchase another property or whatever plan you have for the money.Hope this helps a bit.