The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

I know this seems low, but the way I see it, this is how much the buyer would potentially walk away with if they posted it on the market and minus all the fees and concessions so I am getting them to that number with none of the hassle and removing the issue of a looming foreclosure.

Thanks Chris, that option has been looming for a bit. 

I am primarily concerned with completing renovations in a timely and satisfactory condition, so I foresee the selection of GC looming large in my project's success.

Their clear incentive is to bet on falling interest rates between now and debt maturity.A small handful of owners are forced to sell due to a looming balloon payment that a refi won't cover, but you're not going to find one of those by driving the market when any commercial broker can just look up properties on that basis and start making calls. 

The reason you're stressed is you have decisions looming, and you're not making or haven't made them.

Deferred capital expense looming? 

Yes, I think the name looms large, but that's why I gave the five traits which explain it in pretty good detail and go to what you are saying as well.

I'm living off of cash reserves and burning through it - there is a well dry date looming on the horizon.

While it's exciting to cash in on a successful investment, the looming capital gains taxes can significantly cut into your profits.