Can turn into a nightmare and you can save yourself from answering the same questions they're going to have because it is unfinished at the moment and they can not see what your going to do interms of color and finishes etc. 

They will not loan that part if you are borrowing the down payment, such that you have no skin in the game. 

As always, there is more than one opinion and more than one right way to skin this cat, so take from this what you will.

As always, there is more than one opinion and more than one right way to skin this cat, so take from this what you will.

This topic as well as many other topic's in real estate there are many ways to skin the cat but what happens along the way is the real story.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

That's a two-fold benefit .. the investor has skin the game by having to pay for work up front and the house has increased in value because that phase of the work is complete.

Regular banks will not do it 99% of the time as they want you to have some skin in the game.2) the typical construction on these is seller debt with a 5 to 10 year term, during which you aggressively raise rents to market levels, push water/sewer usage cost back on the customers, fill vacant lots, and cut costs.

Skin oil, dirty feet, urine, vomit, fur, fleas, pet danger, etc. all hide in carpets and even the big steam cleaner machines never get ALL of it out. 

I had never heard of a HELOC type loan on bare land before so it was a shot in the dark.