For invoicing I would recommend using the AIA Form G-702/G-703 if it is a big project, and require release of liens be signed (partial for progress payments, final for final). 

Purchase price: $24,000 Cash invested: $3,000 In progress - closing in late March 2019 What made you interested in investing in this type of deal?

If it’s still a work in progress you can tell them all you want about how it will be finished, but they’ve already mentally checked out.As far as when to lower it and by how much, it all depends how soon you’re looking to rent it.

You don't necessarily want to stand on the dry bank and then try & divert the stream to you.But as far as effort & startup costs, renting out dirt, portable containers, and then building permanent units is going to be progressively more expensive, so estimate the potential revenue with each of those options to find out if the juice is worth the squeeze.And of course as @Rachel H. said above there's more than just the financials - you're going to have to get P&Z on board, hearings if you're changing land use, possibly environmental testing, geotech surveys, etc.Best of luck to you!

We've now told him that if we can't see significant progress in the next week we're moving on to another contractor.

The next logical step in the progression was houses. 

Ultimately, we will be adding Schedule & Task Templating that you can use to quickly load Schedule Starter Templates & Starter Checklists for your projects.It's definitely still a work in progress and appreciate the feedback.  

This progress seems very optimistic to me and I have no doubt you will close a deal soon enough.

Will let you all know how things progress.

As seller, I have several real estate contracts for deed in progress.