We buy the cabinet hardware in bulk on Amazon and do flush mount hinges, new handles and knobs.

One of the side benefits is that I can avoid the whole draw/inspection process (not overall inspection, just the ones tied to the draws) and don't have to worry about draw fees.

I would caution you with searching for lenders as those that don't follow a draw process or will lend on anything may not actually be a lender and trying to scam you.

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

The most common reason for a high water bill is a toilet that constantly runs or flushes.

Hello BP Team…We have a contractor that left after the 2nd Draw and stole materials.

Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule.