In the first case I am negligent and in the second case I am not.If I hired an experienced, reputable PM what can I be held liable for? 

  - I quickly learned it was easier to go to that same bank in advance and ask for purchase + rehab financing all in one loan, one set of closing costs and it takes any the stress of worrying about the refinance. 

@Erik EppersonYou're on the right track looking for a small multifamily or a house hack in Indianapolis, especially with properties sitting on the market.

I don't recall a tenant getting a say in this.

Balance Sheet can show how much was a building was purchases for, how much principal loan is still outstanding, how much is in escrow and how much is in tenant security liability, Construction typically in the long-term development are put in the balance sheet and not P&L.Most investors are doing multiple type of real estate, not just rental.

What area is this in?

I'm in Ohio so I know LA and NYC would be way different. 

Quote from @Jose Leal: Hi everyone, I am currently working as a construction manager with a spec home builder in Texas.

It is in my book (available in January) and the score sheet is part of my forms package available for purchase.

@Versie GaddisBuilding a strong real estate team in Dallas is crucial for scaling successfully.