As a lender, it doesn't make sense to have money that can't be invested elsewhere but also is only earning interest when someone else decides.I'm currently considering a couple of options...Interest paid only on drawn funds, but with a larger minimum draw amount and a higher interest rate (~10%)Low rate (2-4%) paid on unused funds, moderate rate paid on drawn funds (6-8%)What am I missing? 

I'm open to the possibility that I'm missing something, please set me straight if that's the case. 

We still manage our three rentals, and while it's not as fun as drinking beers on a patio, it's well worth the savings.

OR we can finance it with cash (in the form of heloc or hard money), rehab it, and cash out re-fi at 75% LTV after 6 months with estimated ARV close to 450k , that will allow us to recover about 90% of total cash invested, we are leaning towards the cash route, but want to run in by the more experienced to make sure we are not missing anything.

Hey allI apologize if I missed this. 

Rest due at closing) You can look at it anyway you want, but while you're looking, don't miss these financial facts:1- Cost to you = $63,6802 - Profit = $20,0003 - Remaining Cost not recovered = $43,680 (you don't make a profit until you recover all your costs, so the $20k "profit" in Item #1 isn't a profit...unless you think going to Vegas with $10k in cash, increasing your cash to $15k, then losing $30k is somehow winning $5k)4 - If, as mentioned above, you can get $350/month ($4200/yr) in rent...which if you were breaking even before, you would now be cash flowing $4300/year.5 - Unfortunately, that means it will still take you 10+ years (all being perfect) to recover the rest of your cost.6 - Still not a good deal...at all.

I've been building out my own, but I feel like it is missing some key pieces.

I know there are tons of excel sheets out there but would love some feedback on the one I made because I know I am for sure missing some things.

Am I missing somethiing? 

You need to prove on paper that there is a major COMPARABLE missing or square footage is wrong not the cost of items, or there is a big mistake in the facts NOT the cost of construction.