That would leave me holding the bag for the monthly expenses.

Vacant land can burn you if you are left holding the bag.

And she spent all of the $50 on a couple of big bags of dog food--does that Dog Food belong to Sam?

But they can be definitely a mixed bag and as it always is, it depends on relationships.

Our typical approach is to do nothing (other than communicating new payment instructions and contact info, obviously) immediately after closing, and give it a couple of months for the dust to settle and see if the tenant pays on time and maintains good communication, etc.

When you're lending based on the value of the completed project you don't want to borrower taking the full amount up front, spending the rehab budget on something else and then leaving you holding the bag with the only security as the un-rehabbed property who's value is much less than the loan amount.

I need to bring in around 12 homes and will have about 12 park owned homes to convert to tenant owned homes so fun times ahead (little action, adventure, some comedy and maybe a sprinkle of love and a dusting of drama).

At the end of the day when the VC money runs out and the cat is out of the bag, the basic business principle will apply.  

In New Zealand a trashed house has a dozen garbage bags in the backyard, an unflushed toilet and dirty dishes in the sink :-).  

Drywall is a good example - the dust destroys my sinuses and the weight kills my back.