Did your agent provide comps from within a 3-month period of the same beds and baths and within a half-mile to a mile of the subject property?

This  will leave you with a high vacancy period until you fill the units.

Projected ARV $275K+Lender #1 (with whom I already have a relationship)80% LTV (as complete) lender for 1-4 family residence, will finance 80% of purchase and 100% of the rehab 75% LTV lender for mixed-use, should I decide to not convert the commercial unit to residential5 year note/25 year amortrate is locked at commitmentno prepayment penalty7% interest only during construction period (up to 12 months), 5-5.5% locked rate following permanent mortgage conversionone closingno bids, estimates, or invoices required from contractors after we submit the initial Work Scope.

I wouldn't mail to a list PERIOD, even if Marty came a knocking in a DeLorean, with flaming trails 30 feet long telling me "Yo monkey, this is the future list of absentee owners".But no, I would not mail to a 10 year old list.

If I do this would I be able to fund the LLC periodically via owner contributions.

Reach out to one of your fellow investors to see if they have any vacancies and then guarantee them the rent for a certain period of time.  

.:- seller lead generation- seller lead conversion- negotiating contract- contract to close (escrow period)- post closing (renovation, project management, etc)- selling the home (your agent will help with this)- miscellaneous (running numbers, estimating ARV, estimating rehab costs, etc)House-flipping is a full-time gig and if you aren't working on it full-time, you're paying someone to do it - contractor, property manager, project manager.That being said, local meetups and BiggerPockets are great places to get in contact with the right people. 

If you decide to go forward anyway, you could always put in the lease that the tenant is responsible to reimburse you, as additional rent, for any increase in insurance or taxes over that period of time.

The big question is the 5yr draw period on the HELOC would be a lot less until that period is over.  

I think narrowing to five national markets is essential as a good market can make a deal over a 5 (or greater) year period.3.