My goal is to pay off the loan within 5 to 10 years.I’ve spoken with a broker and received the following quotes.

or any kind of product that will help me tap into the equity of my lot. 

What you will be required to do is register as a foreign entity in the state the property is in if it’s not the home state.I recommend speaking with an attorney and your cpa on if a LLC is even required and the state(s) to incorporate it in.

Maybe you run into surprises during the remodel and blow the renovation budget.

I graduate from the University of Utah in the spring with a mechanical engineering degree.

Looking forward to hearing the replies

As Chris and Justin note, the old adage of "vet the jockey (sponsor), not the horse" does not work anymore.While the sponsor can definitely screw up a deal, investing with the "best" sponsor is bad deals is a more surefire way to lose money.  

I’d like to get the property insured.

Is it 10  or 15 % downpayment, that is what I wanted to know Is the house in another state that you and your family are planning on utilizing for vacations? 

The idea is intriguing, but online research has yielded conflicting opinions and "pay to play membership plans; can't get a straight answer whether this is legit or scam and not worth the front-end subscription payments.