Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly. 

I just need to get some more general information (you're thinking naturally I cant make an uneducated offer) from you..

I am concerned with the animal nature of #2 and potential problems there.What are your thoughts? 

He was great to work with and had an attractive product and clear communication and great assistant that made it all very seamless.

Given your time horizon, your lender have a floating rate product [the HELOC] tied to a fixed rate loan, which is a bad idea, never mind the fact that they could call the HELOC at anytime. 

I’d guess a note like this has a lot more grounds my guess of having a long stretched out foreclosure due to the sketchy nature of this.

I am a product manager based in Chicago and currently working toward my first house hack.

What is the process with that lender for a loan of this nature?  

All natural disasters are a bummer, but if you're not right on the coast and have good insurance you'll do just fine. 

I have 5 years of home improvement construction experience, so determining whether to write an address down came naturally to me.