I am fine with draws, particularly for large projects, but they should be tied to concrete milestones.  

I raised $95k in 2nd position notes at 7% cash on cash return per year for 2 yrs with a $30,000 equity share at the refinance milestone.

Building in milestones into the schedule with completion bonus/penalties is a great tool as well.

Lay out these milestones in a rough timeline starting from the end (closing date).

Many times, private and hard money lenders are investors themselves and understand how investing strategies such as BRRRR work, and are able to offer really decent loan packages (for example, offering reduced interest rates and long term notes to investors after successfully completing a certain number of BRRRRs with the lender and hitting agreed upon milestones).I would be curious to hear from any lenders on here who actively and frequently lend on appraised values that are higher than purchase price, and what we can do to get more lenders in our markets to do the same!

https://www.google.com/amp/s/www.bakersfield.com/delano-record/high-speed-rail-agency-trumpets-4-000-job-milestone-during-economic-slowdown/article_f73f5252-af33-11ea-a0d4-83c3bf12b74c.amp.html

Next time setup payments on a milestone basis; only pay out for the work that is done for that week.

I did 95% of everything, so it can be overwhelming and stressful, but figuring out how to overcome obstacles and reaching new milestones was even more rewarding.

Signing your loan estimate is necessary to advance to the next milestone. 

Required But Undisclosed Material Facts.It's advisable you do 90% of your due diligence before putting any house under contract so you don't waste everyone's time.You will also be loosing your option fee of you terminate.You may also lose your Earnest Money Deposit if you terminate after you exhaust some important milestones in the House Buying Process 🏘🏡.Goodluck and Happy Investing 😊