Protecting my money in a rehab partnership

[Marc Pfleger]

I am considering partnering with a contractor on a rehab and need some ideas on how to protect my investment in the property. The contractor used a hard money loan to acquire the property and would like for me to provide the rehab costs. We discussed putting a lien on the property for the rehab costs which is fine but being that there is already a loan on the property how can I ensure that my interest in the property will not go away if the contractor defaults on the hard money loan? Thanks BP!