Each step should have clearly defined milestones in the contract during the remodel with someone you trust doing a walk-through.

What I have in my standard operating agreement with GC is that I will front 25% of materials costs per milestone at each milestone. 

We are aggressive & determined to accomplish these milestones. 

By identifying the permitting process in terms of timed Milestones, 3rd party consulting costs, permitting fees, and at-risk Earnest Money can and should be measured and controlled.

Huge milestone! 

I set a few important milestones to hit along the way... read the entire Book on Rental Property Investing to build my confidence... narrowed down my options, made an offer, and then I had the keys on June 30.

Then, you need to "reverse engineer" you plan starting with your goals and develop a series of "milestones" (mini-goals) and "steps" (properties) that get you to your ultimate goal.Steve's first question was "where are you starting from"?  

In terms of payment, I know enough not to pay upfront but what type of step payments or project milestones are good benchmarks?

What a great milestone to hit.Agree with you on your thoughts about "stuff".

We are trying to create a promissory note for a fix and flip project where funds will be released based on completed milestones.