As previously mentioned my plan is to do a cash out refi, but if I cant for whatever reason, i will do a heloc for 80% of my LTV at a rate of prime + 2% which I can then use to fund other deals.

I suspect an accountant or expert can provide more details on my description (I am far from an expert).Good luck

In the booming market in Memphis, I've found that having the right tools can make all the difference.

That being said, how does one go about getting architect plans for a home to get bids from contractors in a smart way?

@Jorge AbreuIt comes down to John Maxwell's quote: People want to do what you do, but are they willing to do what you did.Real estate is thankfully not rocket science, but it can be challenging and unforgiving.

Melanie, You are being prolific!

Have you decided on which market you'll be investing in and what strategy you'll use?

They are asking for $1,500, which seems egregious to me. 

The insurance, if you can get, would be crazy and its only a matter of time of when a storm is going to take that house out in the next 10 years. 

You can check their insurance coverage, any active lawsuits they have, their workers comp rate (how safe they are on the job site), and other metrics.