Get a lawyer to draw it up, its a 1 time expense and since your probably new it would be good to have them do it. 

It’s still only been 6 weeks since you closed escrow and even less since the repairs have been finished, so let’s give it some time before drawing any conclusions.

Or for the retail units,  what draws them in.  

I like the escrow option vs construction because dont have to worry about draws, fees, inspections etc.

One nice thing is if you buy right the bank account becomes self sufficient after a while and you stop putting money into it while it covers everything and you can take quarterly draws.

., limited) partners, then you are technically selling them a security and you really, really need to get a securities lawyer involved in drawing up your partnership documents.  

Drawing out the refi might complicate another purchase I'm contemplating.

your question on the sale proceeds- if you do this as a "subject to" or how ever you get this under contract make sure you have a attorney draw up the paperwork for the terms of the deal and a separate paper for the sale agreement with price that you agree on. once you sell the property you can cash them out on their agreed price. i do not have exp with this transaction only studied them. this could also be constructed as a "Lease option" but without much of the details its hard to say at this point.Best of luck and hope this was of some help. jay,

@Alex Chin, thank you for drawing in these other folks as connections to this conversation.

Then as you proceed on the rehab, they will have a draw schedule that says at day 10 you should have xyz completed and need so much money as a draw.