They should pay the supplier directly if they insist on buying materials (which they should not be doing)Even waiting for the check to clear is a bit risky nowadays, because I believe they can still stop the funds (like people do with the Certified Check scam).

Luckily the construction was funded last year as a rebound in hospitality is expected.

Guy with a hedge fund always told me to "commit now, learn along the way"If numbers are way off than what you'd like...DO NOT DO IT lol. 

get an umbrella policy to protect yourself, see if you need a rental license in your municipality. an LLC is only for insulating you for liability and anonymity, it will not save you on taxes and you really dont need to worry about it with one property imo . you cant protect a single property from lawsuit, insurance is what covers you just make sure you’re up to code. insurance will always look for a way to get out of covering an incident.if you register, you’ll want to report the income. if you make less than expected after deducting costs, then it’s time to raise rent. you wont be able to reduce more to reduce other income streams since you're not a full time real estate investorin the future if you ever sell, because it’s a rental now you will owe capital gains on the property. philly is probably like ohio and not california with it’s YoY growth being tied to inflation. with that said your profit is mainly going to be the equity you build from your tenant paying your mortgage. the money earned monthly should be saved as youre doing in case you have a capex repair/replacement come in like HVAC, roofing, etci advise you pay for an hour to speak to a CPA to better your options.good luck

There were a lot of steps missed from the very start like defining what exactly the client wants to achieve, are they preapproved and did you collect proof of funds to close, how will any acquisition be titled and why it matters now; how valuation is determined, current market conditions - appreciation, rent price, eviction rates, more; what makes a property ineligible for your client's search - what if it doesn't qualify for insurance, what if the repair cost will exceed a certain dollar amount, more. 

It is not money out of my pocket, the interest is deposited into my 401k fund - effectively an increased 401k contribution; just have to pay interest until the loan is fully paid off.

Let the one who is paying 2k know that they got the place assuming they qualify and collect the move in funds on Monday. 

Ensure you have enough passive income and capital expenditure funds set aside.

Quote from @Jacob Zivanovich: I personally don't like percentages when setting aside funds.

However, there have been opportunities where I haven't had all the funds necessary to fund a deal.