All of our rules are guidelines for the men to use, and they police themselves.  

We went way over our expected budget - by far our worse budget miss ever (remarkably we were only 0.5 week over our 2 month timeline).Using my rule, take the estimates and double them then add for lost occupancy and that is what I would be seeking or the owner have the work done using licensed contractors and do the work, take the risks, and suffer the vacancy costs.If you purchase having to do the work and your appraisal can handle it, the credit at closing is superior to price discount.  

Is it justified? 

Talk about cash flow, hitting the 1% rule, and tons of appreciation!

If you see someone violating the rules, create a post with "@moderators" and we will receive a notification and respond.Again, welcome to BiggerPockets and happy investing!

The problem with midterm and longterm is that you are obligated to extend the lease up to 3 years if the tenants wants to because midterm leases are under the same rules as long term.

Probably need to seek a lawyer and have them write up an agreement between all of you to set specific rules on this investment group.

In some areas there are rules around what you can and can't charge as a security deposit is all I was saying. 

@Heather LuuWelcome to the forums...As a rule, the final installment always needs to be paid once work is complete.

Lots of 1% rule deals, cash flowing, and has amazing potential for appreciation.