Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

Nice to see Zillow agreeing with every sales person from Buffalo LOL.Buffalo is a good market to invest long term if you get a good property, on a good street, in good condition.  

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

You are still personally guaranteeing the loan.And you did the right thing by putting the assets into an entity, especially if there is equity.

It is not your responsibility to house this person's items indefinitely in your rental. 

Being a curious person, I gained an interest in real estate investing due to other classmates being interested in real estate.

You’ll need an expert like @Dave Foster in rewards to doing a 1031 for your business.

Personally, I bought a 3 bed single family home soon after starting my job and had two friends from college rent which covered my mortgage plus a little extra.

It’s a business account and I just checked, paying 3.95%, more than my personal one!

If you would like to connect, please check out my profile for contact info, and let's setup a time to have a cup of coffee, either in person or virtually!