Is there a loan on the property in both persons names?

Practical strategies, in this case, can assume a starting point for a person with "x amount" to invest and is ready to start today.

His name is on the construction loan and it is secured as well as the cash to purchase the property came from a heloc from his personal residence. 

@Prashanth Mahakali has done about 100+ new builds here in Chicago and would be a great person to connect. 

I have not heard of any banks doing 95% of purchase on delayed financing.

Is 10% a fair rate for a personal loan and would you charge any points?

I’ve flipped in the dc area for years, right now there is just money & in the vast majority of cases there is high likelihood of losing money, right now the best investments in the area imo are buy & hold, I’ve even gone full circle and while I really liked value add for most of the last decade I think in a lot of ways new construction especially in more affordable markets (I’m personally a big fan of the eastern shore market) is a much better way to make money long term than flipping and brrring while I know they are sexy & certainly you getting a huge paycheck is great, there just isn’t any money in it right now, especially in nova. 

Banks require 20% down. 

Start with getting rid of high interest, “dead weight” debt ( cars, credit cards, personal loans, student loans, etc.).

@John AsherI have seen that as usually bank statements will show the cashed checks