Generally the contractors I deal with get paid when the job is done or milestones are met.

I also agree with Paul on payment structure on milestones.

I am attempting to lay out my financial path to semi-retirement (i.e. leaving my current w2 for something less time consuming/more enjoyable) within 10 years or less.I can identify my family's spending now and what I project after semi-retirement, which I have done for the most part BUT that part of working backward and laying out milestones to achieve x number of properties or cash flow or equity, all the while maintaining a proper amount of contribution in my workplace retirement plan and other tax adv/def approaches.I imagine i'd need a tax resource and a financial advisory resource, both of whom are knowledgeable on the notion of 1) real estate and 2) retirement planning before traditional age.

Fire him and get a different contractor.As Patricia said you should be inspecting the work at milestones and then paying him for what has been completed.For the items he stole, why on earth did you let him buy 'new' ones after everything that had happened?

Payment schedule should be based on certain milestones reached in progress of work, AND then payment is made.If you want your contractor to give you full and undivided attention to your project, then listen up!

I would think 50K is more in line, but paid as milestones are reached in the build out process.  

Again, channel the excitement into learning and self-education, and towards hitting the first milestone of building a strong liquidity position.

The pay structure I used for the contractor was 25% once materials were on site, 50% once certain mile stones were met (all flooring installed, Cabinets in place, ETC.), last 25% once final punch-list was completed with a walk through.

Hi BP, this is my first post to the forum (small but good milestone) and I am thinking of targeting Utah for my out of state investment.

Is there a life milestone coming up - a move, etc.?