A good deal is like a gravity-well: it draws in money and people interested in making some of it with you.

My most significant draw back is that I work full time and I’m unable to commit the time to deals to ensure them through, at least around the clock.

The plan would be to pay that money back into the LOC before the draw ends, but depleting our resources is what is keeping us from moving forward on other properties. 

We'll both be on the title.Should I contact an attorney to draw up some sort of standard agreement to detail the above information or can I just create something myself?

If they were quit claimed onto the deed then the names may appear and they may need title to draw specific docs but they handle that on the UW/closing side. 

@Hernando QuinteroWe did that with a home in TN to purchase a vacation rental in FL.If you already have the HELOC established and can draw the money, you can deposit it into your account.

Otherwise you can just payoff your existing 1st  mortgage, and also get the HELOC to agree to resubordinate to the new 1st (the loan officer will take care of this for you) and once the 1st is complete, take out a larger HELOC to pay off the existing HELOC and also still have equity available to draw from. 

I was trying to figure out a CAD drawing from scratch and then figure out how to add a bathroom and split up bedrooms. 

I've not found a clear solution to writing purchase agreements here on BP other than being advised to go to a Real Estate Lawyer to draw one up for me. 

My initial offer was purposefully on the low side so I told him I would raise my offer to $130k and let's draw up the contract.He said he just needed to 'check with his partners' really quick but there shouldn't be any problems.  24 hours and nothing back from him.