As this is a risk for me to tie up a chance of not selling to anyone for possibly 3 years, is it possible to "tie it up" for them, but say something like "price to be determined by appraisal at end of lease, with a minimum of $215,000" is this legal, or common?

We thought about using credit cards to fund the renovations but don’t want to risk damaging our credit score to do so.

You could always carry the note with a strong down payment.

A Payment Schedule should outline Payment Milestones, Amounts & Terms which describe the work that needs to be completed in order for the Contractor to get paid, how much the Contractor gets paid, and when the Contractor gets paid.Form W-9You will need to get a W-9 from the Contractor so you have the Contractor's Name, Address & Taxpayer Identification number which will be used for preparing Vendor 1099s for your Contractors at tax time.Proof of InsuranceBefore hiring a Contractor you need to make sure that the Contractor is carrying the proper insurance to protect your property, investments & personal assets.

We are also demmed the condo owner so we are responsible for mainiting any common areas and also have to carry a HOA insurnace.

So there are some flooded houses - gutted and ready for rehab, but I know that the vast majority of them are in flood risk areas ( I can double check with FEMA flood zone maps). 

I buy and hold..flip..and carry notes.

I'm a higher risk kinda guy, would really just want to make sure the loan would be paid off. 

Stocks have continued to demonstrate extreme volatility and risk.

I know there are risks with investing with family and would like to set it up as best as we can.