I hired an architect to draw up the plans, and they were approved by the city (after many long months).

Your rehab funds are held-back and are disbursed to you in draws -- basically you're reimbursed as you complete line items in your rehab budget/scope of work.

I plan on only taking a draw right before closing on the new home for the DP.

We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.

We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.

We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.

Miami will never lose its world famous sparkle and shine.I’m not drawing any conclusion to this post.

Anyone know of a great REI contract lawyer in the Tampa bay area that draws up good contracts for a great price?

Once the mortgage is paid down to a level at which I can draw a HELOC off the equity, I can continue to use the equity in the property to purchase more and more properties, refi them, wash, rinse, repeat. 

This Will leave you approximately $5k ish in cash after fees to cover project expenses between draws.