--HELOC is against PRIMARY---Rate is 6.95 first 12 months then prime +2 for a total of 10y, interest only, then amortized--Total HELOC would be purchase price + Renovations (approx 120-130 total but who knows)Projected cash flow is estimated without knowing specific extra costs.  

Any specific clauses that should be included in the case someone bails and the other 2 have to be responsible?

There are many other factors to consider besides bedroom count and of course you need to research your specific market.

I started this thread to address this product specifically.

Hi @Peter MatusI don't have all of the information on your specific situation but that does sound high.

If we can help with any General Contracting specific questions please let us know.

Nobody can comment on what's equitable without knowing each partner's strengths & weaknesses and the specifics of the property being purchased but here's what I picked up on immediately: Why not form an LLC and have a partnership agreement? 

What specifically did you do differently on this property transaction, than an owner-occupied property transaction?

Penalties:Misdemeanor of the first degree: This can result in a maximum imprisonment of one year and a fine of up to $1,000.Civil penalties: You may also face additional civil penalties depending on the specific circumstances.Permitting issues: Local permitting authorities might withhold final approval, revoke the permit, or pursue other actions against you, maybe not give you the CO. 

@Aaron Landauhappy to help, but you said you don't want the 'standard advice'... so what specifically are you looking for?