If your area is hot then you can sell the land / houses for a discount while it's still in pre-construction phase and sell everything before you finish construction.

3) Does it matter which phase you get in on?

I've got a builder building out huge project in Branson Missouri...Releasing 1st phase to investors at 75% - 85% of appraised value.

Executed Broker Loan Fee Agreement, if applicableAdditional items required to approve, document and fund the loan1.Appraisal Report by an approved appraiser2.Formation documents of the Borrowing Entity (LP1) and Tax I.D. number3.History of property ownership if purchased from a related party4.Closing Statement for the property (or proforma closing statement if under contract)5.Joint Venture agreement (if any)6.Preliminary Title Report with underlying documents7.Geotechnical Soils Report8.Phase 1 Environmental Site Assessment 9.Site plan (with units plotted)10.Grading Plan 11.Architectural drawings with specifications12.Architectural agreement (if any)13.Engineering agreement (if any)14.Construction Contract (if any)15.Insurance broker’s name, address, and phone number (builders all-risk, general liability)16.Independent cost review may be required17.Related Debt Certification (Loans To One Borrower)Notice of Right to Receive a Copy of the Appraisal Report Here is the info to help you out.

At this point, I have my team and now and going into the funding phase, so I will keep you all updated.Best-The Wolf!

In those cases I put the funds into an account that the sub can draw on at the completion of that particular phase.

I wanted to start looking at first phase construction.

The Development phase of this can wait for a while but its something to be considered as well.

An investor reserved the entire last phase of this project, but his funding fell through at the last minute.The developer wants www.The-Real-Estate-Foundation.com to market these units for him!

I'm still in the early learning phase.