Help structuring renovation with contractor for out of state proj

[Travis Wilson]

Hi - I recently bought 41 units out of state and they need significant renovations. I’m going to finance the renovation myself and I’m trying to figure out how to set up the payment and work inspections with the contractor we use. 

In the past, I’ve done a construction loan and the bank required a title company to escrow and handle payments to the contractor and subs when an inspector approved the work. I’ve reached out to a few title companies and they don’t seem to do that... maybe I need to be a bank or that was an Illinois thing or something. Anyway, just looking to find the right way to structure so risk is low. I live in another state, so my ability to check in physically is very limited.

Any thoughts or suggestions would be greatly appreciated.

Thanks, 

Travis