I'm just curious about how to make this project work for me and my family. 

As you get more sophisticated you can set up proper LLCs and other entities with the help of a lawyer.

After finding out what it was the borrower/seller really wanted, I simply would give them cash for their equity and take over the house and the project.

If the projects goes south, I take possession of the property or get paid first if they sell it out right. 

I use spreadsheets to setup my initial budget developed during the purchase process and compare to actual cost to see how well I did and where I missed something and learn for next time.If you’re like me, and like to buy some items in bulk when you find a good deal, you can track your inventory as well and assign items to each project as you go.

Remember, a refinance involves more finance costs as well.On cash flow projections, the CapEx and expenditures are low.

Big project with 5-year-plus horizon for return of capital. 

I've sold several of mine as I was looking to roll into larger projects or multis. 

Or do you just hire subs for different aspects of the projects

You will need to do a 506(c) if you wish to advertise and that is accredited onlyYou can do a 506(b) which allows non accredited but sophisticated but you cannot advertisePublishing info requesting people to fund a deal is not recommended since it violated sec regulations (note I am not an attorney)