I have another vacation rental I have been running for 14 years and love it use it myself as a getaway on the non booking dates.

What other expenses are there (snow removal, lawn care, internet, utilities)?

So we always counsel our clients to look at using contract clauses to make the dates of closing for the sale and purchase line up.

I can tell you that from the inception dates of our wired capital into REM, we have seen a total of $12.04K back in distributions over around a two year period. 

While the wealth of knowledge and experience on BiggerPockets is wide and deep, I would not trust a decision like this to the internet, I would ask you CPA and if you do not have one find one who specializes in this sort of thing.

My brother once dated a girl who lived in class C and he told me their constant struggle was parking and trash cans.....

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

You do know that there are hundreds of thousands of homes that are still valued at less than are owed for them, dating back to 2005-7, right?

The variety of economic development grants/programs and the process streamlining that has taken place to date in Chicago is meant to encourage access for smaller and newer developers and encourage the types of "missing middle" developments that have historically been to small or the process to burdensome to move forward. 

Search around on the internet or possibly if they’re friendly at the local town offices and create a list of group home providers.