They may even want an appraisal to verify that they have plenty of coverage on their loan. 

There are only a handful of lenders who do this well, from my experience.The mortgage lates should be remedied with either an LOE or by switching guarantors.  

I'll send out an invite and feel free to respond with your contact info so we can connect. 

I am developing an 8 Unit Apartment Complex in Texas.

I'm assuming you are referencing an underwriting model instead of loan calculator?

If the grand list grows and the town budget doesn't grow, then the mil rate would go down and your tax would not increase.With the evaluations going up, this will be a year that the towns push the budget's higher so you will see an increase. 

Or would I have to buy it as an investment property with 20-25% down? 

Why not make an interest return on this property right away, which I already am familiar with and favor, without having to find another property to re-invest the sale proceeds? 

The easiest way to think of the draws is like a reimbursement where after you complete work on the property, the lender sends out an inspector to confirm that work has been completed then gives you funds according to what has been done.You should be using a lender for the purchase as well since purchase and rehabs offer the highest % of purchase price.

I was thinking about an strategy of doing Cash Out Refinicing putting that money in the stock market (distributed in ETF and some "safer" stocks) to get around a 6% anual return (estimating that low because is the "standard" average, however my current stock portafolio has a cummulative return of 66% in the last 4 years).