They then have another realization that “sweat equity” is actually hard and requires tools, time, and a know-how in order to do the job right.When you’re under contract you’ll come up with a scope of work and budget, submit it for approval to the lender, and you’ll be able to make draws once you’ve closed and started the project.

@William HustonLot of that depends on your goals and a big part depends on rent to value ratios in your area.  

I'm recently US.Army retired and a chef. 

And as you said, you will also likely incur realty transfer taxes. 

I work with a great team of plumbers, general contractors, title people a commercial lender and a roofer.

You have to have some cash, an entity and a decent credit score (over 650), but it's doable. 

Along with the spots at Punta Horcones, there is a decent beachbreak in front of Hotel Playa Cambutal, and a pointbreak that sits six miles to the west.

New roof, new plumbing, and a ton of sweat equity.Three years later, Amanda is working as a Realtor, and I have two General Contracting companies.

We are excited to take this step and, as BP strongly recommends, building a 'strong boots on the ground' team. 

Fwiw for that size bldg and a small investor my guess PM rates might be more along the lines of 7-10% -  at least in my area that is what I was quoted.