In this climate it might be a good idea to get a couple other banks to give you term estimates as you can usually use those to get even better rates and terms!

I would only use this money short term as the rate is adjustable.  

If Using Heloc with BRRR (Not Refi)Does anyone know- if investment costs you - (example) cash $75K(COE, Deposits,Rehab,Carrying..) and after Rehab you HEloC back $60KHow should you adjust your spread sheet-to reflect  ROI ?

@Kelsey Folger you can use a ratio utility company that adjusts the usage based on number of people in unit.. they do the same for water...Ratio billing it’s legal and fair... family of 5 pays more then a one person rental... you can apply that now... look into it...

Bank agreed, offered us 15% down ($30,000), 5.25% loan APR, amatorized over 20 years, adjustable after 5.First commercial loan for us but seems like a winner to me.

It's in Alabama.I'm also thinking about maybe using the front space as a sort of climate controlled storage for pianos.

We as investors need to know the law and adjust our strategies going forward.

@Thuy Pham-Satrappe In my experience rehabbing properties in a cold weather climate, paying more for a high efficiency new furnace will not translate into selling the property for more money. 

Adjust your offer if needed at that point.Your broker should be able to advise you on "offer or LOI".

If it’s all adjustable, or high LTV, then yeah that’s like pre-recession.