Yes, I see draw backs, @Curtis Brown.

Also, I highly recommend having an attorney review any contract you're drawing up on your own. 

You need to make sure you have at least 6 months of carrying costs (interest, insurance, taxes, etc.) plus enough to float a contractor draw if you are financing renovation because your lender won't release the money fast enough for you to pay the contractor with it.

If that’s your question, the answer is yes - the interest would be tax-deductible.For example, if you buy Property A all cash, and then take out a HELOC on that property and use those proceeds to purchase rental Property B, the interest you pay on those HELOC draws would be tax-deductible against Property B.Hope that answers your question. 

Would you be willing to receive four draw payments that would correspond to four phases of the rehab project?

Or should we draw up an agreement and have it notarized?

I could start over with $10k pretty easily at least in my area. 10% down payment on a crappy $25k house with a hard money lender and fees, and that leaves $5000-ish plus credit cards to get to the draw points in the reno. $2k though I don't know, that barely covers appliances

The draw periods of aligning HUD inspectors to cut that check after a period rehab is what concerns me the most - paying a good quality contractor on time so are there any suggestions to play this out more efficiently (out of pocket, maybe)? 

It's certainly possible that self storage might be impacted by COVID-19, but I think it's waay to early to draw that conclusion from this report.Per the report footnotes, the data presented represents "changes in spending from 2019 for the week ending April 1" [italics mine]. 

We are drawing up very clear terms for an agreement that discusses the different outcomes and aspects of the relationship: Who is responsible for what?