@Brian Ellis you really have to ignore the doubters because eventually they will make you second guess yourself.

As you grow bigger you will build systems that will eventually save you quite a bit of cash. 

Every team, PMs, construction teams just rob foreign investors.

Some business are started as frauds but I think most dont start that way and end up that way though because the sponsor has made these claims and will rob peter to pay paul instead of telling their investors hey we are not doing good ..

Eventually, with time and experience, your knowledge and confidence begin to align more realistically.This concept is incredibly relevant to real estate investing.I encounter this often: an investor seeks advice but quickly tells me how much they already know.

Quote from @Clayton Plummer: @Rob JoonIn your previous comment you said that Saugatuck city has a STR cap, but it was in its infancy.The township does not have a cap though? 

You will eventually find someone.

To be honest, any Contractor that asks for larger amounts of money is showing that they do not have any reserves and/or they are 'robbing Peter to pay Paul'.After the initial draw, I would advise paying as the project proceeds - after demo is completely done (and you know that for sure if you are out-of-town), then pay for demo....only.

For the anticipated cap ex, would you just put that monthly in some reserve fund and wait for that to come up eventually? 

Eventually, we’d like to build a few houses for ourselves and extended family but that will be a lot later.