You have engaged and paid securities attorney and are compliant with Reg D offering 

ps one investor one llc then there is no securities issues thats a benefit /  but now you have 20 companies to manage 20 sets of books 20 tax returns etc. 

But what is really important is that you understand the terms of the loan, including the length of time and when you can expect to get the money back, how it is secured, and the process of getting it back if things don't go as planned with the investment.

Neal and Jean-Marc were supposed to secure construction funds.

I'm trying to get financing lined up before I find a deal. I want to do a seller financed deal that allows me to put less down, but I still have to come out of pocket the rest of the down payment and construction cost...

Looking ahead, once you secure a tenant, perhaps this is something that should be explored to make the next lease up easier.Also, @Caria Mitchell raised an interesting point in saying: We are experiencing a shortage of qualified applicants, I’ve noticed non-conventional applicants vs qualified applicants that don’t have a voucher or some form of subsidy. 

If your project qualifies for EPP (Express Permit Program), then you don’t have to secure permits in the traditional way.

The agreement specifically allowed KeyGlee to use the End Buyer's EMD to secure the underlying contract with the actual seller... and to forfeit that EMD if the End Buyer failed to close.

What's more, the PM should have gone over when the unit was vacant to make sure it was secure (and lights and taps were turned off). 

Depending on the application, first, last, security, and another month or two.