In addition, you will be far less efficient.

Feel free to PM me if you need any additional info.

There would be additional review at this point: ordering the appraisal, downpayment requirements, and the paperwork for the rehab draws and terms.The local banks I've worked with required 25% down on the purchase price, the rehab was done in drwas after the inspections, but all one closing and then the loan converted to a permanent loan once the draws were complete.20 year term resetting every 5 years, for me.  

We are also working on other deals together, so there are additional benefits to both of us.  

What else can I do to reduce my risk/liability? 

You'll find that many often require substantial fees in addition to your monthly payment in order to finance projects outside of their normal scope.

Do you know other investors that are interested in this type of rental property or are you yourself interested in additional properties of this nature?

Additionally, I'm a part of a fast growing power team that is seeking to partner with reputable contractors interested in joining our team.

Hello All,My wife and I are just starting to look into real estate investing as a means to add additional income sources in our "old age".

So what one bank might do, another might do something totally different.My guess is that any drop in value would have to be fairly significant for a lender to reduce your credit limit, but I have yet to see a lender actually put a number on it.