I would go 50/50 on the first home going into closing with roles defined and then leave time re-evaluate the equity split after finding a tenant.

If it is a payoff for a sale, then yes the Lender can also add any advances and fees to the balance as per defined in the mortgage upon event of default. 

If you want to scale then spreading your cash, HELOCs, etc with lenders allows you to get into more properties at a time.Regarding the example, terms can be different, or some lenders won't lend if there's no rehab component so you can see how it might get a little more complicated than it seems on the outside.

Our contract (which is for large, multi-faceted projects) says that final payment is due upon substantial completion.We define substantial completion in a few different ways...* The final building inspection has been passed (This is a big one, and we are pretty strict about it)* The space is ready for its intended use with no work being required that is ongoing or requiring of regular access (This keeps someone from denying us payment over a single door knob or a minor paint touch up or something like that)* In instances where the homeowner has moved out of the space, re-occupation may constitute substantial completion (This is more for when we deal with homeowners.

Ideally, I would like a career that involves at least a large component of remote work (working from home).

Who gets to define the greater good?

Get the new leases(yours) signed2.clearly define the property rules (in writing) pets/vehicles, use of out buildings3.be fair and firm, and manage them, up or out over the next year or so.Took us some time, but we got rid of the problem tenants, remodeled and increased rent, and cash flow.One tenant is still with us, almost ten years later.Hope that helps..

@Marshall Shen Capex should be based off what it cost to replace major components that wear out.

How you're positioned during a time of uncertainty is ultimately what defines you as an investor, a business owner and entrepreneur.The biggest problem I see with most business owners is that they dive head-first into a situation thinking that "if this goes right, this goes right, and this goes right, we're going to make a killing." 

Buying right is a key component to REI and it protects the investment from market fluctuations and allows you to cash-flow.