Don't worry about the milestone, at 40, you're still a pup ;-)

The baby-to-be will be a milestone a bit...further down the road. ;) @Thomas Franklin While I do hope to acquire more multi-families in the near future to build that equity, I'll have to get a better lay of the land first; my goals might not align with what's realistically feasible.

With time lines attached to certain milestones within the scope of work. 

Just make sure it's in writing and based on mile stones you can quantify.

We have reachable goals, and milestones to pass along the way to those goals.

Got behind schedule due to a delay in financing (see my other thread) but everything is back up and running now.Some milestones - Structure was fixed, 2 piers were added Wall dividing kitchen and living room removedWood paneling removed and drywall hung Electric upgraded, new fixturesThis weekend - Work starts on the roof and sidingDrywall finishedPaint beginsQuick notes and lessons learned - Negotiate with EVERY contractor, I've agreed to pay the full bid price from 2 contractors only because their bid seemed fair at the time and was substantially lower than competitors.

The key is always to have leverage and pay upon completion of agreed upon milestone such as end of demolition, upon successfully passing of rough inspection, upon kitchen installation, upon successful passing of final inspection, upon completion of final walk through and touch up list.You should specify these milestone in the contract under "payment schedule" so there are no surprises.Always keep a significant amount 20-30% as a final payment upon completion of final touch up list.

You mat even be able to get milestone bonuses.

Once the first milestone is achieved, you set the next milestone. as the old saying.....the first million is the hardest.To embark on this rewarding real estate journey towards your goals and dreams requires commitment.

Congratulations on your milestone, it will keep getting better from here.Sounds like you got a good deal going, now just repeat,repeat,repeat!