If you’re managing this process, using a platform like Agecroft Capital can help streamline the tracking of payments and equity as you go.As far as the risk? 

Standards are higher and things break or need to be replaced more often.Do you have a short term track record to show the lender?

You may have to give up a big % of the GP on your first deal just to be a fly on the wall while building a track record. 

Like Ann, I have done many 100% rehab loans so it's not a scam so much but it could be the old bait and switch stuff or grab a fee and reject.You need to see what the track record is of any lender, do they close do they usually switch programs or whatever????

They do not have the skills so these one offs that go way off track is their business, they know you'll never work with them again. 

CCIM, SIOR, and all of the other designations you can amass never teach you how to pick up the phone and prospect for leads, track down growing/expanding businesses to convert to clients, how to manage tenants in a retail strip center, or do the myriad of other daily activities required to be a good commercial investment broker/owner.

Essentially, when they send the leads, there is no reference to where they came from or the URL to the lead source, making it difficult on our end to track. 

I do keep track of all my time and mileage.

If you’re confident in these numbers, it could help mitigate the risk.Exit Strategy: Your plan to refinance after construction is solid, but keep an eye on where interest rates are heading and ensure the cash-out refinance will cover the HELOC without leaving you in a tight spot.It sounds like you're on the right track, but if you're still feeling uncertain, it might be worth consulting with a local real estate professional or financial advisor who can help you analyze the deal further.

Either way, you are going down the right track.