After the capital partner receives the agreed upon interest, the earnings split swaps or goes 50/50.

Before I got the place, it was remodeled at least half a dozen times, and the wiring is a squirrels nest, circuits swapped from 1 unit to another, the whole 9 yards.... 

Once you have the brackets up it doesn't take long to swap them all out when the tenant leaves.

The truly devious tenants will swap and share names and ssn's to beat the screen (of course, this is more likely to occur in certain geographical areas than others), but CASHOLA makes honest men out of liars.Peace.

I do need to somehow manage refinance costs... do you think I could structure the loan as draws rather than refinancing with some sort of equity/draw swap as the project completed phases?

agree with the fridge-stove location swap. 

If you aren't able to just to swap in new lights that is where it might start to get more expensive.  

These companies got in trouble because they were insuring mortgage back securities (Credit default swaps, derivatives), their ALMOST demise was NOT because of their life insurance or annuity holdings and the holdings subsequent investment strategy.The companies I have referred to throughout this thread are mutual companies.

As we have had to replace older models that we inherited from the previous owner, its less than $200 and 30 minutes to swap one out.

There are also locksets where you can swap out the cylinders quickly, intended for landlords.