Typical issues that will cause friction: rent not being at market rate, how/when to do updates and repairs, late payments/missed payments, and plenty of other potential pitfalls.

While the issue on hand was resolved we did stack up a good over 9K in expenses. 

If not the bank starts the process that's the issue I see..Then don't get me started on the bad actors who will learn this and will not give two shakes for the seller .. once they realize their credit is not on the line .. rip rents all sorts of bad stuff. that's were i get the heartburn..

When you use the cash draw for expenses related to WIP then you would post them to WIP.  

The issue then becomes owning yourself vs owning passively through a fund.

You always want the city on your side (or as close to it as possible) to foreclose future issue and that starts with finding out the how on your own before bringing an expeditor to smooth the process.

So, simply delaying closing a few weeks eliminates the issue entirely. 

There is street access because it's a corner lot.This would be my first new contstruction....my plan is to sell my current home (family issues, forced to sell) and move into one of the units as a primary residence for a year or 2 before leasing it.Question is - What is the order of operation to start the project...   

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@Kris HaskinsA lot to unravel but if they recorded your deed for purchasing the property prior to the ratification of the sale then that creates issues which the lender should have gone with your closing.The agents and title companies in this are a mess as how did it not show up on title or with the listing agent what was going on.