We're looking to gather info about likely cost, pitfalls, time required, considerations when obtaining financing, etc. 

No iPhones, No printers.

You have NO leverage, no matter what he builds or does not build, except for the developer saving some money in legal fees and cutting down on mesne profits damages.

This means that if the bank forecloses, and you can’t pay it off, you will lose all of your money with no recourse to anyone.One option to secure your loan is if one of the partners has a free and clear property worth significantly more than your loan.

Here’s the breakdown:Financing & Investment Details: Total Project Cost: $750,000 Purchase Price: $450,000 Rehab Cost: $300,000 Total Investment Needed: $750,000 Private Money Loan: $550,000 (1-year term at 9% interest) My Cash Investment: $200,000 Interest for Private Money Loan: $49,500 Closing Costs for Private Money Loan: $0 Closing Costs for Refinance: $27,000Total Cash in the deal:$750,000 + $49,500 + $27000 = $826,500Exit & Refinancing: ARV: $900,000 After renovation, I refinance at a new loan of ~$675,000.

I have other money that'll cost me 10%.

The house has appraised for $335k, my hard money note is for $242k, and I'm looking at only about $15k out once closing costs, taxes, and insurance are accounted for.

Rent is paid on time, and no problems with the general inspections at the beginning. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

You pay your agent at closing (think of it as an additional closing cost) Depending of the situation and of these options can be used by you and your agent to negotiate with the seller.