Although I don't want to draw attention to the fact that I'm a wholesaler.Also she asked if we were planning on keeping the name when we switch to buy & hold.

I am seeing an attorney later this week to draw up a rental lease.

The homeowner decided that she did not want to sell, but would call once she decided to.Lesson learned - Even though the deal did not pull through, as nervous as I was, it felt great knowing that the task at hand was possible...and also possible for the next.It's back to the drawing board - and I'm still motivated!

No longer is it good enough to argue that it makes sense for the lender as whole.As for the OP's own market, I believe he should take into account the similarities between the Phoenix and the Las Vegas markets and draw your own conlusions.

One student didn't pay on time and the parents got involved (They didn't want to pay because they weren't going to receive money from a loan they took out until late January and they didn't want to draw down on there savings).

And before any draw requests we have a construction consultant verify the work.The process is pretty simple:Validate the properties that they meet a minimum criteria (basic spreadsheet)Make offers (contingent)Any accepted offers we then get a firm construction bid, desktop apprasial, comps, etcNegotiate/CloseEngage the contractor - phased draw approachValidate work with construction consultantRealtor acts as a local eyes/ears (make sure contractor is not leaving site a mess, etc)Market the propertyNegotiate/Close.We've done 40+ properties this way in the past 18 months and it seems to be working well.

and should I make a lawyer draw the proposal?

If so, I bet you can probably get a mortgage broker or title company to draw up the docs and manage the process for a couple hundred bucks.Just a guess that this is the issue...

Maybe not La, but draw a 30,40,50, ect mile radius around your location and search for properties.

There's only one draw at the end of the renovation period, and the check is payable to you and the contractor.They are more likely to buy into your estimates and scope of work if you use a preapproved contractor.Seems like a good way to get financing for properties where you could never get purchase-money based on their condition, but you're free to try your own crew.