It's always important to have contingency reserves and having a healthy contingency line item that's capitalized can greatly reduce cash during life of loan.Loan Administration:Remember construction lenders release for completed work and the borrower has to navigate the process by which the work is completed in order to obtain reimbursement.

They require a lot of work and attention.  

Now that I see how things work and have the ability to do it, I want to pass down a legacy and set my kids up a few hurdles ahead like many other communities.

How it was him that was doing all the work, and not the GC. 

Work Quality:I hired professionals to inspect the work, and they found multiple issues and evidence of negligence in the construction.

I will work and the business plan and I know i will be seeking more advice once its done.Tonio

So after being laid off a few times in the last 8 years I decided to get back into investing but this time focusing on buy and hold multi family real estate so that I could built wealth that could help me retire my wife who just had a long battle with cancer and survived , but is now back to work, and I want to give her a relaxing life free of all the stress of the world (by the way did I mention she is also in the mortgage lending field) so that explains the urgency to retire her from w-2 work ! 

But I appreciate that those who have found their footing in real estate and are doing it successfully want us newbies to understand it takes work and at least some capital.

While this isn't a hard and fast rule, more often then not, these are the guys that can't manage their schedules well, and will be gung-ho on your job for a couple weeks, then be flaking out as they picked up too much work and are trying to keep too many homeowners happy.And lastly, the more detail you have the better the bid will be with few change orders.  

Honestly, it is a lot of work, and there are some big pitfalls you want to avoid, but its not rocket science.