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I highly suspect you can find many RE based investments that would project better return than these options at these construction costs.  

I'm based in Atmore, AL and currently looking in Bay Minette, Atmore, and Mobile.

The guys are correct.Personally I am a fan of having a cleaning fee.

Also consider selling and reinvesting in other assets based on market conditions and your goals.

There is no interest rate, its a flat fee based on the amount borrowed.

I'm not a huge fan of the 3 way split - if the current owner is going to retain the properties, but you are going to rehab and manage them, and then you have another person fronting the money to fix them up.  

I can’t speak for them or that area but I have had a few investors that wanted to be on the coast-pacific beach to ocean shores) and from what I’ve seen and researched there wasn’t amazing results based on COC numbers.

Savvy investors are looking for 12% return or better.I'm not a fan of borrowing to borrow.

You always need to run your own numbers based on what your goals are, and anticipated holding period.