I wrote a blog post on this. https://www.biggerpockets.com/blogs/9607/71901-thi...Now as far as payment goes there are many ways to handle this.

A title company can handle this.

Every Monday you will get an update on your project with photos and what was done and what the plan is this upcoming week.Now again how each contractor and investor handles payment is up to her or him, but this is what I personally do and how we at Gear'd Development handle our projects.

These costs tend to reduce your annual cash flow, so I would venture to say that your first years of ownership will most likely produce your best cashflows.  

Kerr - thank you for helping me - having a second set of "Experienced" eyes looking at an opportunity helps to reduce the "Fear Factor"

Obviously, and you will likely agree, you have made many major mistakes in the handling of this situation.

@Lisa Stewart I consider wholesaling to be the best way to get a handle on your local real estate market while you get to know the investors operating in the area.To that end, I would encourage you to get on the list of other wholesalers in your chosen market and begin dissecting their offerings to hone your deal analysis skills.

Ultimately you may chose to spend the maint cashflow another way and plan to use a LOC to handle issues but that expense should be counted when figuring out if the property is cashflow positive or not.

They left piles of trash and food on the floor, so I want to get trash removers and housecleaners in as soon as possible to reduce turnaround time between tenants. 

We've gotten plenty of quotes for 25% down but that's too high for us, we would like 15-20% down. 30 year term would be best but willing to reduce term for reduced downpayment.