For the past 10 years he divided his residency between Gainesville and Naples, FL.

Well I guess that's a no go and back to the drawing board. 

You'll need to negotiate a draw schedule based on project milestones, with the last payment happening after all work is completed. 

I generally take the total gain and divide by the number of years we've had it to try to get a per-year %, but I'm sure there are better ways to do it.

When you draw up your agreement you will need a promissory note that details the terms of the loan and a mortgage that allows you to foreclose if the terms of the loan are not met.

Cap rate is calculated by dividing the net operating income by the purchase price.   

I do HML through my self directed IRA, with construction loans on a draw basis.  

I felt this house needed to be staged to draw the maximum sales price and I truly think that helped get 2 offers in the first 3 days.  

Lots of HM, just attend a local REIA and talk to the lenders.Things to look out for ...Points on front and back end...Draw fees for rehab...minimum holding time, some call this seasoning 

Some Questions:Is it advisable to draw up a lease where the tenant requires a co-signer and if the co-signer meets all of your qualifications?