I'm also a rehab consultant and often do the rehabs for my clients.  

At least that's the advice I got from my CPA and also from the Cost Seg consultant that I worked with so I'll of course advise that you get your own advice!

Additionally, it is recommended to consult with a legal professional to ensure that the provision is enforceable and compliant with all relevant laws and regulations.

Quote from @Andrew Yuan: I did a consultation today and the initiation fee is 20K now.  

Establish the notice time that will apply to you and the renter in the event that either decides to terminate the agreement.Remember to consult with local authorities or seek legal advice if you have specific questions about regulations in your area.

Do yourself a favor and put together a solid package of documents (title, copy of deed, deed of trust, note, etc) and pay for a couple of hours of consultation with a real estate attorney BEFORE you do anything. 6. 

Consult a qualified professional.Good luck.

Ensure you fully understand the terms of the loan agreement before proceeding, and consult with a financial advisor or real estate professional for personalized guidance.

Happy to pass on a couple of attourney's names/numbers so you can consult with someone regionally.

I consulted with my CPA, who advised that the policy loan should be transferred to my LLC for private lending purposes.