The legitimacy of the contract probably only really matters if you have to go to court/arbitration to enforce it.That said, your title company would be a good place to start in terms of getting a legal review, I'm sure they have a real estate lawyer(s) on staff or retainer depending on the state.

How do terms usually work? 

Hit me up when you get to this point.Haha yeah, I think we’re all out of a job once AI gets to this point though… who knows what the future holds. 

The borrower outlines there plan and dates and it is set up with the LOE in the file but in most cases where the bank holds the paper/loan its sent to the credit committee for the final approval and we close. 

The capital cost short and long sucks though, no argument there!

Might have a few options for full leverage there, but if not, likely sitting at around 65% LTV on anything long-term/DSCR

I'm doing the math and after a sale price of 2.5 minus holding costs, agent fees, capital gains tax, it wouldn't make sense for us to wait 15 months to walk away with around 600k profit.

There are so money different terms. 

Hi Sam, you may consider a fixed rate HELOAN as opposed to a variable rate HELOC if the funds are going to be for long term use, such as a down payment on a new property.

@Kyle Ball, I would only caution you on holding those reits for the long haul.