Your proposed method should work.

With that in mind...proposed template. 

Projects due gonsouth for numerous reasons and in these scenarios the financial partner will be holding 100% of the lossHave you ever do a deal similar to what the OP proposes?  

So on a one-off like what you're proposing, I think you should expect to spend about the same amount of money.

The way you have proposed would be the most costly way to do this exercise. 

For example, our cabinetry was 40% less than our lowest proposal because I took the time to go directly to a manufacturer and become a dealer (there's a lot of mark-up in cabinets). 

I partnered with another investor that is proposing a 60% down payment so that he can be in 1st position.

Do you know the rationale behind this proposed decision?

How do you propose that an inexperienced, out of state wanna be investor with a busy career and family that has no experience managing a project is going to do it without getting their clocks cleaned?

I propose responders to give their view of a local market they are familiar with.