HELOCs aren't like 30YF first position mortgages where you can call 10 different lenders and all are within 0.25% to rate with very similar requirements.... each bank is making up whatever they want for the HELOC in terms of conditions, requirements, rates, etc. 

Just be frank about your situation and assure them you won’t do anything to jeopardize their position with the seller at all.

The only time personal guarantees may not be required is if: the property is underwritten commerciallythe corporation is established for at least three yearsthe corporation can provide three years full financial statements and corporate tax filings that are strongthe corporation has a high asset base, andthe corporation has positive cash flow and consistent net profitDo you set up a holding or operating company?

if work was done on a positive note hire them.

Will my taxable income go down to $105k, or does that extra deduction carry over until I have a positive year?

I did a remodel on one of them when I first bought it - did everything myself - Home Depot quality materials - and did it for about $6k.

These were both first position loans on paid for properties and we were using those funds for down payments on additional places.

I obviously don't want to spend $5-6.00/sqft to get something of real high quality. 

If you can't, the 10% management fee is generally a bit high, but I'd keep it because you need to hire a motivated and high quality local property manager who will take this on.  

I am sure you think you work hard for your money but  I have seen many investors who do shoddy jobs or less than quality on their flips and price like they are gold plated so let's not call the kettle black.