Needless to say, the note was overdue and he stated there were issues with the contractors working on the particular site.

Be ready to Front money to pay your contractors as you go and then wait for the bank to penny-pinch over every single expense before giving you your draw.Vitaliy

Heck, ask who would want to be on a buyers list for this kind of deal and I think you’d find takers if you want to be doing that much rehabbing and your staff/contractors can keep up. 

But if I use a contractor, and have a bill etc from them, that can all be deducted from profit, correct? 

I have excellent local contractors to do the work as well, and estimated repairs are around 15-20k keeping it on the lower to medium end.

Each tenant has their own electric.

I was wondering if I should get a general contractor to do all of the work or get independent sub contractors like for pouring foundation and framing etc...I was also looking at prefab walls made by wood or steel.

new construction stopped.. all those sub contractors were out of jobs.. they left that's why in areas of huge construction ( minus Texas) market crashed..

We were not planning on doing as much as we did, but we wound up gutting it down to the studs and replaced all electrical, plumbing (including the main drain), etc.  

Im currently a genral contractor here in Utah.