PS, yes I know we need to get an operating agreement and stated goals in writing and to operate by them going forward. 

I get a line item bid, i.e.Demo - $3000Plumbing Rough-in - $6000Plumbing Finish -$3000Hardwoods (labor, owner to provide all materials) - $2500That way when demo is done, I write a check for $3000.  

I, on the other hand, feel I need a little bit more, like something in writing from that person that says they will not give the code to anyone and that if something is not left locked properly and the house is broken in because of that, then they would be held liable or something of the sort.I remember that there are people who do this, but I don't remember if there is a name or there is an example of said "addendum" for it. 

Made a list of each project, materials needed, went into the Home depot app and started writing down prices.

I'm looking to get away from my hometown in O'Fallon, IL, for a week or so and stay with a family that invests in real estate or owns a business and uses it as a business write-off and to be a sponge and learn some information from wiser individuals.

Our thought is we would write 2 yrs into the contract and then repeat.

If so there are Zero Down Veterans loans you can leverage if you think it is wise to do so.[6] Maybe you look into this and decide it's not for you, and you'd rather own a 7-11 and spend your time writing checks to the soda delivery company--because despite what anyone tells you--it IS work....

@Brian Walters yes, you should definitely write this expense off.

I know it sounds like I'm splitting hairs but some banks write HELOCs in their residential department....which won't write Investment Properties.

If you can handle the DTI hit and the payments on the HELOC then this is a great option as it keeps you with cash in hand and the HELOC can be used as a tax write off.