I would be surprised if borrowers could meet the experience criteria, its terms that are real and available but reserved for elite rehabbers with a lot of completed projects.Typically, 15% - 35% of the purchase price (or total project cost depending on the lender) will have to be brought to the table by investor in order to close.Once the loan is closed it works like a construction loan.

Overall, it sounds to me like the process might be easiest here.

I made it abundantly clear verbally and in writing that I need receipts and invoices for work completed, because it was to be applied against a tenant security deposit. 

I can tell you a reinstatement and a payoff quote come from the same department in a bank and, follow the same parameters per federal rule.Maybe it's pulling off a touch down with 1 minute to go but sounds like maybe scoring on the wrong end of the field. 

Still sounds like light work, no more than $10,000-$15,000 ish (On the high end).

Sounds like very high risk for the landlord to me.

I am a complete newbie to real estate and I'm looking to make a switch in my life and taking part in an industry that can set me up financially for the future and forward. 

All the stories make it sound like a nightmare D class city.

To be all in at $400k for a 2 bedroom cabin in Chalet Village sounds like a great deal to me. 

It’s great to connect with knowledgeable people here and not be completely in the dark as I would be without this forum.