I know this as I am paying the draws and getting inspections to proof it up..  

This doesn't somehow mean that they are going to stop paying the notes after 12/31/2024, right...?

You definitely want to check with your CPA, but in my state, if you lived in the home as a primary residence for 2 out of the last 5 years, you will not have to pay capital gains tax and can roll that equity into your next property.

With the current market, I will not be able to make my required cash flow after paying all operating cost including mortgage, vacancy, property tax, insurances, maintenance cost, no need for a property manager because I can manage it.

You do not pay him directly.

Landlord pays for utilities.

We'd probably have to believe it would pay us high-teens IRR, and would have to feel really confident in the sponsor's experience, construction crew, and local expertise.

You are also able to pay down the principle as is comfortable, while only the interest is "due." 2.

Slow Pay vs No Pay. 

TravisIf I'm GC'ing the project and paying subs, I usually pencil $50/sf for cosmetic rehab, $75/sf for medium rehab and $100/sf for full gut as a starting point.