My point is that it is wise to do your own research, drawing from various sources, and think it thru and decide for yourself.

Your partnership agreement will be similar to a contractor agreement, except with no markup or profit, where you pay the costs as periodic draws upon completion of the work.

Sorry, I couldnt resist.And then, bout the time I finished, it dawned on me that it almost seems as though this was a crafty ruse intended to draw some of the best in the biz over to hoatalk.com!

Haha Allright folks, I shall go back to the drawing board and make some truly clever for an intro!

The contractor might need some advance money for permit fees, drawings, survey, etc.

I agree with you Joel, while 21 units typically draw in certain kinds of tenants, I believe it still can be rewarding if we are careful.

My parents have equity in a property of which drawing $200k on the HELOC in no way risks their livelihood.

There are alot of wholesalers and alot of people just starting out, you want to make sure there are no legal issues.Darrick P., in the Philly area there are several things to check.

Yes I can draw a better tenant with an expensive house but it's not going to give me the same return.

A HUGE part of the costs are the lot preparation costs, permit fees, and the school tax really actual construction costs are more like 60-70/sfBUT this is greatly due to taking all of the general contractors markup out, paying him only daily to be on site for framing and roofing and paying him instead of an expensive architect to draw all the plans in autocad(other generals pay him to do this for them) He is getting older, it is a nice setup for him, saves us money, makes me more money as project manager (I get paid out of labor allowance for days I am supervising jobsite) and saves our owner/builder a grip of money allowing him to get a decent return from the investment. which for our area is amazing because you can't really build for profit right now unless you are a builder.