Part of the down payment is funds funds from a 1031 exchange.

Are there any lenders on here that would finance initially for say interest only payments for 6 mos-1 yr until we could refinance?

-Continued to make scheduled interest payments on both projects until October and then just stopped.

Are there any lenders on here that would finance initially for say interest only payments for 6 mos-1 yr until we could refinance?

I will admit it – I was hungry- I wanted more but I didn’t have the skills or experience to do it on my own, I didn’t want another job - I was sacred –  I was sold on all the propaganda about real estate riches and continued to search for that magic formula.That was over 40 years ago - as I think back about all those programs - I realized that my intuition, creativity, imagination or the pure synergism of all that information enable me to create hybrid formulas of my own – formulas that helped me avoid conventional financing, credit approvals, cash down payments, real estate agents, gate keeps and those others who wanted to delay my progress of making money in real estate.

I bought a brand new town home a year ago, but tired of big payments.

Hey @Brandon Blase Look into Low down payment stuff (203k loans - for rehabs, and FHA loans for normal purchases).

If they paid with 3.5% down on an FHA mortgage, and got the loan at the then-market rate of 6%, and made no extra payments, they would still have a remaining balance of $92k.  

When you're ready, here are some good DO's and DON'Ts when getting bids:DOWrite out a detailed scope of work that outlines exactly what you want to do.Clearly define what (if any) materials you will buy and what the GC will supply.Get multiple competing bids.Check GC references, call past clients of theirs and possibly even ask to see their work.Closely analyze each bid and ask a lot of questions on things that are not spelled out.Ask each bidder for an anticipated schedule for the work to be completed.Ask each bidder about their desired payment terms.Sign a contract/written agreement with the successful bidder.DON'TWaste people's time if you're not serious about hiring them.Walk the job with competing bidders at the same time.Assume that all GC's will see the work happening the same way.Pay large sums of money in advance unless it's justified.  

I simply had a down payment of 25% of the totality of the loan (home price + renos).