I recently finished up my first rental and got tenants in place who are now paying monthly.

Can anyone just give me a wording of liquidated damages for general contractor contract if project not finished on time?

The minute your property is finished there is a need for capex reserves.

The repairs were very minimal re-painted the exterior and finished trimming and painting the inside.

We painted the exterior, and finished a few trim pieces inside.

I have begun listening to the Bigger Pockets podcasts from the beginning and I am have just finished Show 11.

It was advised to me that if this would be something I'd be interested in to be sure to be active in the entire process (start-to-finish) so as to get your share of the wholesaler fee.

The upstairs of the house is on single room that we completely renovated and just finished last month (removed plaster, new electric, insulation, drywall, and new ductless heating and air unit).

From there perspective, they are concerned if you default midway thru the build, and they are left with a half finished project, in the case, there is no equity in the project.For example (using round numbers, as I have no idea of the specifics of your project), if you purchase the house for $50k, and the land value is $40k, the would give you credit for the $40k as equity toward the 25% of total costs that you need to put up. 

The loan will be based on your financials and the income potential and appraised value of the finished product.