I've learned everything must be spelled out in a lease.

It spells out the monthly rent, when it’s due, the length of the lease (or term), should contain clauses required by the federal and state governments, and much more.

Might be better to just get an LLC formed with the management, ownership interests, everything spelled out and have title vested to the LLC rather than all of these hoops which in my experience is just asking for trouble

If it was spelled out in that, the tenant would be responsible.

@Anthony Chara pointed that the operating agreement needs spell how the split and profit will be distributed.

The same can be said for opportunity costs of tying up your own money as it can't be used for other investments while the project is ongoing.On the other hand, the contractor needs to feed his family, so probably cannot wait to get paid at the end of the project, so maybe work out progress payments along the way, or factor into your timeline his other projects.All of this needs to be very, very clearly spelled out in your agreement so there are no misunderstandings.Good luck!

They will create three documents: promissory note (yes, I spelled it correctly), a mortgage, and amortization schedule (payment schedule).

Having said that, the terms and conditions set forth in a lease may or may not spell out specifics, especially for a single family home. 

@Elina Solaita If there is no other time restriction on the notification, or conditions detailed elsewhere in the contract, which is odd because a buyer could invoke this the morning of closing, then it does seem clear cut.To my other point, the state realtor contracts typically have a Very Specific procedure in the event of a dispute ie. required mediation, then either binding arbitration if that fails or one party may have the right to go to court (not generally the best for anyone), clearly spelled out in the contract.

This sounds like the typical “we make it sound so easy, we’re going to take some loan origination/commitment fee and you will never hear from us again” BS approach.If you did a copy and paste and the spelling/grammatical errors were in their literature...guaranteed scam.Note...no one that loans $70M also loans $20k.