Everything else should be done on milestone payments, with a large enough completion payment attached to a final walk through to incent them to finish.

With a 400k budget, it will work, but you need to sit down and write SKUs with an estimator/contractor, then find a contractor that can do it at that price, then make an air tight contract with a lot milestones and SOV items.

You've already achieved an important milestone, you put out an offer!

Hi @Chad Urbshott thanks, I did put in terms for trial payments with some performance milestones. 

You have your goal & strategy, now determine the tactics, tasks and milestones.  

Issues such as due diligence functions, Land value and what it "buys" the JV partner in terms of ownership % and control, does land value cover all the equity needed to do the project, breaking due diligence into milestones, risk mitigation and so on.Feel free to contact me if you'd like to dig into this some more. 

Just starting out you might not have to worry about most of that but if you are starting out by flipping locally, you'll break some of those tax milestones before you know it.

Out of 6162 people being helped with a housing subsidy, only two have ever completed the required education and saving milestones so their subsidy can be used to pay their mortgage instead of their rent. 

These are based on the person's needs, wants, family commitments, health, obligations to spouse-kids, and many other factors.Keep this as a first milestone and move forward. 

However, I am a program manager in my real life so Im used to managing resources, budgets, milestones, headaches, etc.