So it's on you not the lender.Most lenders will do 90% of purchase price, 100% of rehab but you'll need a scope of work and a draw schedule so you need to consult your General Contractor who needs to be licensed and insured.You will need to show reserves, be an entity so LLC or Corporation and have a business bank account. 

Does the private money lender need a self directed IRA where the investor can draw from using a promissory note?

I'm mortgage free now, but at one point when I was not, on autopay, mortgage companies draw funds on the 10th, and 4 business days vs seven makes a big difference IMHO and worth the fee.

You mentioned some basic preliminary items and for these purposes we will assume the project is fully entitled and shovel ready.First thing is to take a close look at construction costs, timelines and draw schedules.

What is drawing you to this property.

@Tim Simmons yeah, I know banks will be hard but the challenge is one of the things that draws me to it.

If you need to replace any framing, you’ll require drawings from an architect or engineer to submit to either Ft.

Should I put the fix and flip in a separate LLC and should each subsequent fix and flip that I purchase be put in it's own LLC?

Seeing as how this would be my first time partnering up with someone, i would like to draw up some kind of agreement contract assuring the percentage i would be owed if he manages to successfully wholesale to one of his buyers.

Each subsequent bid extends the auction by 10 days.