its pretty common .. in the PNW there are large communities and this pattern happens more than one might imagine..

Generally, the fees can range from $500 to $2,500 or more, depending on the specifics of the loan and the attorney's rates.Here are some common fees associated with loan document preparation:Promissory Note and Loan Agreement: These are the core documents, and the cost of drafting these can range from $300 to $1,500, depending on the complexity of the deal and the lawyer's hourly rate.Deed of Trust or Mortgage: This is often required to secure the loan against the property and can cost an additional $300 to $1,000.Title Search and Title Insurance: If you’re using title insurance or require a title search to secure the loan, this can add another $300 to $800 or more to the cost.Other Documents: Depending on the type of loan (e.g., hard money loans, commercial loans), you might need additional documents like personal guarantees, collateral agreements, or an escrow agreement.

I am told that foundation problems are common in this part of Austin.

What are the expenses (taxes, who pays utilities, etc)?

Vacancy: 3 weeks every 2 years + utilities Make ready expenses: from $1000 to $5000 depending on house needs  

Are they sitting on concrete foundations with full utilities to each?

This is very common with local banks and credit unions - they dont have the infrastructure or volume to sell into the secondary market and simply choose not to offer those products in their business model. 

And then do it again.It is actually possible to have a super experienced General Contractor, a very deep pockets money partner, and still lose money on a flip.The most common reason, in my experience, is having a project run over schedule and placing the property on the market during the off-season.

I’m trying to utilize 1% rule and it’s tough with current market 

Common and standard note terms.