And if your money is being used for the rehab portion, then you should be doling it out in draws, most likely as reimbursements for money he personally spent first.

That way you don’t have to reimburse meal costs (at least in VA). 

If the tenant can get reimbursed by the prior landlord, your response is "So what and who cares."

Could we then have our agreement be that he keeps the agreed upon $100,000 ($85,000 owed on the mortgage + $15,000 profit) and pays us the difference, thus reimbursing our construction costs and giving us profit?

FHA loan, traditional House Hack financing.Earnest money: $10,000Used 3% Realtor Commission to contribute towards FHA down payment; cash due at closing: $1,200Rehab #1 was financed via a HELOC against House Hack #1 (purchased a SFR in Dec 2015)Materials were funded by multiple credit card accounts: a stressful way to do it...Rehab #2 including materials were ultimately reimbursed by HELOC against subject triplex, after Rehab #2 completionHow did you add value to the deal?

Some states do not allow owners to charge for their time so if you want to be reimbursed for it, better to hire a service or check your local laws.  

But when it comes to reimbursement of CAM all it says is tenants will have 30 days to pay from receipt of invoice. 

I prefer my tenants drop off the application in a drop box.On a side note, I have heard of some people on here in tougher areas, make the application fee reimbursable towards the first months rent. 

The cap is already so low that in a down turn property taxes go up, insurance goes up, tenants do not reimburse like commercial NNN so it eats into owners returns.

As far as college goes. what I recommend to parents, in order for them to not feel resentful towards a child that may not be as motivated as the parent wants them to be, is to reimburse the child for their grades.