I am going to outline my obstacles and ask if anyone knows how to get past these hurdles.

I am looking for advice on how we should outline each investors responsibilities. 

Even the ones that read it will ask dumb questions as if they hadn't read it so don't spend too much time and effort on this.I like to have major policies outlined and then just link to them.

My main concern is getting my $40K back, & secondary concern is getting my portion of the profits as outlined in my JV agreement.  

At anytime during the plan a creditor can file a "motion for relief" of the stay if they are not receiving the payments in full and on time as outlined in the plan. 

His contract provides a rough outline of the work to be done and the requested itemized portion is not much better in retrospect.Secondly, I trusted too much in the draws leading up to work instead of paying upon completion of the different tasks.

There are reasons for contracts and outlining when to pay someone.

@Nghi Le   Great post, thank you for outlining what every new RE investor should either know as common sense or discover through initial research. 

I've already outlined 5 things to keep an eye out for, but if others have recommendations, please let me know/feel free to reply to this post!

But this thread is still a good read even today, as @Jon Klaus stated, because you (for free) outlined the effort that gets put in.