Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule: HomeStyle program has a maximum 4 draw process.The initial draw can be up to 25% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information: Signed Draw Request by borrower and contractorSigned All Bills Paid Affidavit review and approve the draw request and will release funds for disbursementA check will be issued in the name of the borrower and contractor and delivered to borrower via USPSAn inspection of work to date will be performed at 50% completeFinal Draw Information: Signed Draw RequestFinal inspection/Completion Certificate will be required for release of final fundsA Title Update showing property free from lien or encumbranceGeneral Contractor’s Lien Waiver AffidavitAffidavit of Completion will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns: Changes to the initial plan are not permitted unless prior approval.

I recently completed the repairs needed to get a certificate of occupancy and it's now ready to rent. 

We're based in New York state, so we're at the point in the process where we've sent in the certificate of publication.My question is, what are some of the ramifications of taking it out in our name personally and then transferring to the LLC?

Of course there is a minor concern that if I push too hard, they might just buy a fake Emotional Support certificate and bring her in totally free. 

Additionally if tenant is weak you could pay smaller partial payment to tenant broker upon tenant getting certificate of occupancy and paying rent on time and then tenant rep leasing broker gets smaller payments over time as the tenant stays and pays.

I recommend going lump sum and like others have stated here getting an ins certificate with your company as additional insured. 

- I would be willing to take training for some sort of certification but the cost would have to be under $1k.- Standard note / trust doc.

As soon as you've completed your education and have all the certificates, apply to the state.  

However, I have been considering getting CCIM certification.  

I am looking at tax liens first and more so the OTC certificates until I can grow.This will allow me to purchase certs. without bidding.