@Travis ChaneyI am not an expert on this but from experience, if you are going through a conventional loan, I would give it a year before applying for another loan.

It makes the property more attractive to future renters and you can charge a higher rate which will help recoup the costs faster.

As for paying back the note, refinancing to a conventional loan is the way its been suggested to me to repay the loan outside of doing flips.

@Tim Schroeder  Agree with above posts, I have only been able to do this successfully with commercial loans, never conventional.- Tom

So I called the police and said I didn't want to press charges. 

Private Lenders tend to be a short term loan of about 12 months so you will have to refinance for a long term loan after all construction is done and hopefully that increases the value.Those two will usually charge you more interest for a loan but it usually does not kill a project. 

We could all start charging for our time, but again that would further complicate the matter.He will be getting paid every two weeks which in the end will be deducted from his 30% share of the profits earned.

They charge about $800 per transaction no matter the price.

For example, city of Phoenix, AZ charges special sales tax on all rental dwellings in the city, my property manager pays that of of the income and the rest goes into my 401k. 

Luckily I don’t need the income from the rental properties to live off of yet so what I’ve been doing is channeling all the funds after PITI and management (and charged maintenance for that month) into separate accounts for each property.