I don't think I should do a re-fi and take out the money because there will be phases of this construction project, so I wanted to take out the money when the construction payment is due.  

Hey @Michael Bayrakeri do you already have the lot secured?

Then detail charges on the security deposit reconciliation for rekeying the unit and for the cost of the cleanout.CRLTO 5-12-130 Landlord Remedies:(e)Abandonment.

What generally happens to the property securing the loan?

My wife and I are new to real estate investing. We bought a lake home an hour from our main home 2 years ago. This past April we bought (10 years sooner than planned) a second home on our lake and rehabbed it over 2 m...

Since the upper unit tenant has been using the previous owner's wifi and doesn't have internet, I was thinking of having internet installed for $40/m in the bottom unit.

The property is located in NJ and the lease is 50% of market rate, zero security deposit with specific disclosures that property is subject to foreclosure (but does not explicitly say lease is automatically terminated at that point).

Not sure why we started there rather than WI, since I'm currently very confused about taxes.

If however this is someone worth millions with a personal guarantee who just wants to limit cash down then their might be more security behind the second.Step 4 will the borrower cross collateralize the second note?

You'd be surprised how many people would happily put their money in a guaranteed 10% return as long as it is secure.