Never flipped before.If you take out a HD loan and say your construction estimate comes in at $100k.Eventually the actual estimated construction costs only cost you $90k.When you take a draw does the bank give you money based on receipts/invoices?

My Glamping venture has taught me this.  2)  Buy quality assets at below replacement cost.  3) Be Patient, and never extend yourself too much.  4) Assume the market will catch up, and be ready to zig when others zag.  

I have a tenant whose lease ends on August 31st, but he is okay extending it until January 31st, so I would like to know which date in your opinion would be best to find a new tenant.

Get perm loan, cash flow.

Twelve month interest only commercial loan at a local bank.

(Since they will actually be in a worse position then than not selling.) they should ask for 30% or more down, which will give them 20%. 10% of that might be required to sell again. 2) if you can earn 5% or more guaranteed in the bank, what would you require from a stranger where it will cost you 10% to take back the loan and resell to get your money back?

However, if you have a couple other investments I would form an LLC and use a DSCR loan product or something similar to close the loan in the LLC.

You can take out a loan for the remainder. 

But @Katie Smith has a great point because after the Miami apartments fell in on themselves, lenders are much tougher on condos and a lot more makes them unwarrantable which will negate an FHA and require a DSCR loan.

Financed $120k (80% LTV) at 8.5%, 30 year with no secured loan (not a heloc).