Speak with your lawyer to get more details.  

He's got 70% of your money before even half the work was done...that leaves little incentive to come finish the job.Plus not sure how you measuring work completed but hopefully it was by line items complete.

David Hald Two items from my point of view:1) I would encourage you to focus on finding the real estate first then worry about the financing.

Here are the details I have now: Purchase price $100,000 15% down $15,000Improvements $15,00020% down $3,000Your total loan amount is to not exceed $97,000.

Just PM me for details. 

Details in MLSUnits: 6Taxes: $5874 (annual)Gross Income: $48,600 ($675 per month)Net Operating Income $38,838Total Expenses: $9762Vacancy Rate: 5%Asking Price: $449KOwner pays Trash & Water______________________________________________________________Based on the expenses I am assuming that the property management is completed by the owner and that they are including ~$4K a year in insurance.I ran the numbers in my own Deal Analyzer and I added:5% of Effective Gross Income as Maintenance Expense 10% of Effective Gross Income as Property Management ExpenseBumped the vacancy rate from 5% to 10%Insurance: $3000 (annual $500 per door)Water: $3240 ($45 per door - typical in city)Trash: $1,800 ($25 per door - complete guess)$12K for improvements ($2k per door)20 year note @ 5% with 20% down (assuming full asking price)2% Closing costs______________________________________________________________My numbers show a Cap Rate of 5.7%, cash on cash return of -5.12% and -$1,668 of annual cash flow. 

I will have to look into the details just in case it makes sense before i completely rule it out.

Let me clarify...Here's what I suggest when I work with flippers:Look at the listing details, have an idea of ARV. 

@John Menton do you have any details on the unit?

This gives me a snapshot of everything in one location and the details as well.