Time and material, pros/cons

[Bob Lett]

Working on a whole house remodel that we are going to use as a second home and STR/AirBnB. With our contract purchase price + contractor quotes we have little to no wiggle room for intangibles based upon ARV. This is a lake house on an all sports lake with strong rentals in the same township and lake. What are the pros/cons of doing time and material with a contractor vs letting contractor purchase items?