This would be a performing note and pretty much everything about it, included the "price" is negotiable.thanks! 

We did perform due diligence and ran all our usual checks including a background check and financial history evaluation. 

In my account I had about $1200 and to be honest i'm not sure what it is at now but I know I put it on an aggressive plan that has performed poorly.

It'll be difficult to see all my buddies new trucks and sports cars on the road next to my 120k mile dodge dart, but will absolutely be worth it :)  Best of luck this year with all your endeavors, and Go Rockets! 

You mentioned Chase, I have a chase performance business checking account that comes 2 outgoing wires free every month and unlimited incoming wires

That should leave you with a quality and lasting finish productJust be sure when getting your estimate you and your contractor you are aware of exactly what work he plans to perform. 

The plan would be perform improvements and refi out, returning my grandparents money in 9-12 months.How would you go about structuring a deal with this scenario?

OSHA can perform a random walk down of a residential home but they often will not.

Along with hired workers he will be performing the rehab.

Going in my plan was to spend about $45k and 3 months and the Hope was to refi for $200k+ to pull out $145k and then rent units for $600 each, and cash flow around $500-1,000 each month and pull out my cash investment and in essence have a performing that I had only $10k-ish of my cash invested after the refi.