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. 

The above will establish the template, and a series of measurable Milestones (which is really just your financial goals split up into packages).  

Most will set milestones that once they hit, you pay.

They tell you what milestones you must hit and what you need to do to perform the contract.

I will update this journal periodically and at key milestones throughout the investment life-cycle.Story:We became aware of the "Subject" through a long-standing broker relationship in Atlanta.

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

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.

As an investor with a demanding non RE career, I see what I'm doing now as a phase in my plan - getting from point A: being completely dependent on the income from my job, to point B: the milestone at which my RE income is high enough to support me and my family.