Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule: The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 25% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon Gateway Mortgage Group’s receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information: Signed Draw Request by borrower and contractorSigned All Bills Paid Affidavitreview and approve the draw request and will release funds for disbursementA check will be issued in the name of the borrower and contractor and delivered to borrower via USPSAn inspection of work to date will be performed at 50% completeFinal Draw Information: Signed Draw RequestFinal inspection/Completion Certificate will be required for release of final fundsA Title Update showing property free from lien or encumbranceGeneral Contractor’s Lien Waiver AffidavitAffidavit of Completion, will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns: Changes to the initial plan are not permitted unless prior approval by lender.

@TJ Park no they are hiring property managers, I'm assuming you aren't looking at properties in SF if this is the case you should be able to find something that does just fine even with a PM, if you are looking in SF  nothing is going to deliver a smoking cash flow return anyway.  

Appliances are being delivered and installed on Sunday and the floors are currently being worked on!

While on one of the routes I deliver mail to, I came across a quadplex that is vacant.

"no booking fees") to pull customers away from AirBNB/VRBO etc, and be able to deliver a simple, seamless experience.  

If the loan is unsecured then there would be no collateral and the lender would have to seek other recourse should the person fail to deliver on the terms of the loan.

I get a deposit and a copy of their drivers license from people I don't know and I sign a contract between us.So yes I will do longer rentals in some cases.

This property is fairly hands on and requires around 4 hours per week of messaging guests, updating pricing, buying supplies + 1-2 visits per month to deliver supplies and property manage.I enjoy Colorado but am not bound to it.

. - A Framework for Understanding ( https://www.biggerpockets.com/blogs/11554/81121-a-... )In an effort to become a meaningful contributor within the BP Community, I can share my knowledge of delivering educational content for college business students.

the only thing to be cautious about with smaller commercial banks is if you have 5 year calls.. those can bite you.. now I am not predicting this in any manner. but that was one of the main drivers of the last credit crisis was that the banks would not roll over the loans at the 5 year call. and then other banks were not loaning that lead to perfectly performing assets being foreclosed on .. especially if said small bank failed and a hedgefund bought all the notes.. they proceeded to foreclose on them like no tomorrow.