@Stephanie Cabral Yes, I love 203 k, but watching every single line item is draining....and the 3 draws really stretches the contractor on the thin side.  

There is a FAR contract that has a lease purchase addendum, and it appears to imply that you would need an attorney to draw up the lease purchase (or rent-to-own) agreement.

Of course you can attempt to go the inexpensive route and purchase existing plans or have the builder draw them up (if he provides that service) but your construction costs alone (not including soft costs) will be at at least $300/ft.

They're holding my entire mortgage against me, even with a second person on the loan and title.I can't have this person go in on the new property with me.One thought I had was drawing up a rental agreement for the house to show that I'm only half responsible for the mortgage or that I'm generating rental income for it to try and offset it.They won't accept my inclining self employment income as a P&L this year.They won't count my self employment income from the past two years because of my deductions.Obviously this next year I will show more on my returns...lesson learned, but right now, that doesn't help me.Any advice would be greatly appreciated.

Again, no mentor, no idea how new construction worked just had the drive to figure it out and I had a back up plan to build it how we would want to live if it didn't sell (prob why we put more in to the home then we should have) and a year to the date after we broke ground we closed on the sell to a cash buyer & profited around 20k... not the home run I was hoping for but at this point we had 20k more then we had had and it was very little money out of our pocket (besides between draws) because the appraisal was good and we had an interest only loan from the local bank.  

@Anthony Capwell  If you are going through a regulated banking entity or credit union the LOC will be structured as a normal line, where you can draw as your please for any use at any point.  

@Landon Lee a good thing to learn are the rules of thumb1% rule2% rule50% ruleThey drill them on the podcasts all the time and they are good starting points.BP has a really good rental property calculator that draws up charts and that stuff.

Without a doubt, similar to what Teri said, your governing documents will need to mimic any state condominium law and with that said, have an *association* attorney draw up the governing documents.

HEloan will draw all of the equity out immediately for the full amount and you will have to pay it back monthly regardless if you are flipping a property or not.

Called the draw period.