Thank you Kevin for your response and I think this will be the best course of action.

Again, Thanks so much for the detailed response.

Who is responsible to maintain the property in the meantime?

As far as standard land sales contracts or notes and trust deeds a vanilla 20% down solid buyer nothing creative there.

It depends on the deal, but what we did was give the PMP (Private Money Partner) 50% equity in the property to fund the entire entry fee.Thats not necessarily a rule of thumb.This to me is a sliding scale based on the Cash on Cash return you can expect.Further , we offered our partner 75% of the cash flow until they are paid back in full, then the cash flow return drops down to 50%.All liabilities would also be split 50% with this partner.We called the company we use , who establishes our LLCs, opened an LLC, wrote up an operating agreement and a JV agreement that outlined all of our responsibilities for the asset.

I heard Franklinton has a really solid street

Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments.

There is still some work to go but the heavy lifting is done with the bones and mechanical.

I'm waiting for a response back from the lawyer, but I'm not sure if he knows much about this specific issue.

But I'd think the contractor should put in less cash upfront or get a higher percentage of the equity/profit since he would be doing a lot more work and have more responsibility than the investor.