I do this full-time and have my 10th flip underway.

The other thing it doesn't account for is significant changes to the scope of work once the project is underway, which is what happened here.

While project is underway, you gain interest.Please let me if you are still looking for investment?

2) What is considered normal for the seller to do while the land contract is underway in terms of paying the mortgage? 

Our last phase is to get the financing in order which we are working on now and hope to have that underway if not completed soon.I know that isn't much help, but ultimately a good property management agency is going to be both a teacher as well as a manager in the initial stages of your engagement.  

I HAVE ONE FLIP UNDERWAY AND EXPERIENCE WITH OTHERS AS WELL AS TOTAL REMODELS OF MY OWN AND FAMILIES HOMES WITH MY CREW.

i have been study everyone's posts for about a month now and have just got my first deal under way. i have 3 properties under contract for a total of $90,000. i have an end buyer bringing me earnest money deposit of $1500 and signing a sells contract for the properties at $120,000.

If your check's been cashed, you have a deal under way, and need to be taking the proper actions (inspection, loans, etc.)

As far as a GC I am licensed and can do a majority of the work myself until I build up some funds to become strictly an investor so I can be finding the next deal while I have a project under way.

I used conventional financing on my first purchase (which is in GA) so I set up my LLC in GA while that was underway.