I've engaged similar discussions, I was the partner to bring finance, although it didn't work out at the end.The thing I wanted most as the finance person to make sure the operator/developer has skin in the game, that he will make money or lose money together with me.I'd love to hear what kind of arrangement you end up with.

I believe that all partners should have equal skin in the game.

Even if you get a HELOC, you'll be taking even more meat off the already dry bone.

So moving forward you have only two real options, have the work redone like @Matthew Paul said and possibly re-doing a lot of patching and dry wall repairs or find a licensed elec.

@Michael Noto in the case that the shower project stretches across 2 days and say they shouldn't use it for a 3rd day to let caulk dry or something, how would you handle with the tenant? 

Then a single family came up and I went for that (the ink barely dried on the duplex closing).

Wanted to buy something to get some skin in the game!

Also, the upfront option fee is about 3% (which isn't a huge amount) but they also need some skin in the game.

I am an accredited investor, and generally the nonaccredited offerings are not as strong (i.e. the sponsor generally put very little skin the game, hike up the fees, are not as experienced, etc.).

The opportunity recently came across my desk, and I’m really considering it but have no prior experience to go with.The Board of Directors has a proven track record with a previous bank that was acquired and from what I can see they’re all fairly heavily invested in the new venture as well (skin in game).Does this cause or raise any IRS/tax related issues that I should be aware of?