Talk to a local attorney who knows the specifics on each step in your area.

I can't speak for construction specifically, but a lot of times in fixed price contracts you want the contractor to have the chance for extra profit.

The other financed properties reserves amount must be determined by applying a specific percentage to the aggregate of the outstanding unpaid principal balance (UPB) for mortgages and HELOCs on these other financed properties.

@Antoine Martel Do you have specifications in the JV agreement about handling the mortgage then?

I'd consult with your lender for the specifics of how the funds should be transferred from your family to you.

@Cierra RoseDefinitely let me know if you have any specific questions.

If you have any specific questions, I'd be happy to answer them, I'm an open book and would love to share with newer or first time investors.

@Antoine Martel Just trying to manage contractors and get a project done in a specific time is intimidating. 

Also, I don't know of the specific "rules" about loans that one bank has vs. another because they always seem to vary so much and change so frequently.

I realize there are variables unknown and specifically unique to me, but I'm certainly hoping to solicit some wisdom.