Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

"At arms reach" is the terminology commonly used.  

Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

But, he will charge you an arm and a leg in points and interest rate.How good is this deal?

What you have on the table for the structure sounds pretty good, as most of my clients who do this strategy, usually do a '2-step' process with different lenders - take down property/rehab w/ fix/flip type loan (higher interest I/O basis, lending on some type of ARV) and then they refinance with a longer term portfolio/alternative money (some type of ARM, lower rates). 

Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.

But given history, ARM and balloon payments at the top end of a market... that's a no for me.

Added bonus would be someone who doesn't charge an arm and a leg.

Added bonus would be someone who doesn't charge an arm and a leg.

The work that you're thinking of primarily happens when you're closer but the more information and experience you arm yourself with now, the whole transaction would be much easier with more peace of mind for yourself.