He was genuine and always willing to answer my questions and go above and beyond to handle all the change orders and complicated draws to the contractor.

Having a network of friends and family in the area is a big draw and having an organic familiarity with the market was a competitive advantage for us compared to other markets.

I would like to set up an account so draws can be made on a rehab project after each inspection.How do I do this so both parties are assured money is available and a third party releases the funds upon my approval?

You need to have a partnership lawyer draw up the agreement and set clear expectations.

“Over a period of a year or so, her ( Sara Elford) contractor was receiving draws and using the monies on his own projects and leaving numerous projects sitting for lengthy amounts of time.

What about contract, trades people, general contractor managing, scheduling, managing draw downs or payments? 

OK< I guess I understand getting in with skinny money.Then you'd better get something you both agree on for escrow to do draws and make sure it is understood by ALL. 

I would definitely talk to a real estate attorney but you might consider having one draw you up a joint venture contract.

More visually polluting, the better, call now.Or you could answer one of those letters in handscrawl font talking about their dog and wonderful family and in the last sentence offer to pay you 50% of FMV for your house.Prepare to dumb yourself down if you want to work with these people.

We have minimal in our savings as we are living mostly paycheck to paycheck, however I have between 10-13 in a roth 401k that I would be willing to draw out and use as a down payment and my father in law has offered to give us 10g towards our first purchase as well.