Hey @Michael Walley - I'd start off by saying, you are generally in a pretty good position if you haven't already paid him.FOR SURE YOU NEED TO GET LIEN WAVIERS if you have any indication that things could go sideways - don't make a payment til you get them.I would also ask for some type of breakdown of the scope of work you are paying for as you mentioned.Here in Chicago / Illinois a general contractor has 4 months to file a mechanics lien from the last time they were working on the job.I wouldn't rush to get an attorney.

It is important that you control your funds and do not let he contractor get out ahead of you or you will be left with a overpriced unfinished rehab to salvage. 

Your pm should have hundreds if not thousands of properties under management.  2) Make sure your insurance is valid on a property that’s been vacant 6 months, many policies don’t cover properties empty that long. 3) You could have lowered the rent to $1,200/mo after the first month’s vacancy and been way ahead.

Rushing into a deal without thorough investigation might have severe effects.

I'd like to get a head count.

So go ahead, tell the seller you’re a wholesaler, and keep building those solid relationships.You’re doing great, and I’m cheering you on every step of the way!

I plan to do my first few flips locally but I'm always trying to look ahead and plan for my next move.

I'd love to get some insight from someone who is a few steps ahead of me in this process. 

Chicago is MIXED BAG of general contractors and architects PLEASE be sure not to rush or use the cheap guys...one of my favorite sayings (that I have learned the hard way):"BEING CHEAP IS EXPENSIVE"  

If you had small losses (no past due tax payments) and the late return penalties are lower than the tax prep fees you saved by not filing - you come out ahead, but it’s a win with an *.