It will take up to 15 years to get it legitimized with the title?

I'm trying to do the right thing here but am concerned I will get screwed by either or both and am very frustrated.

I have the current rehab under contract, not sure when closing will be, its a fha loan. ill probably see you at the next lunch meeting

Also, find a loan officer who understands your age and life stage and who will truly put your interests first and help you get a financial strategy that will set you up for success. 

I will really appreciate your responses.Thanks for your time.

Once your construction loan starts, most banks will not extend any more credit once construction has started.  2.

To "soften" or reach a compromised we agreed to ONLY have $30K of the $60K in funds be considered "OPTION CONSIDERATION" funds (giving us the EXCLUSIVE RIGHT to buy the property at the $300K Purchase price) and the OTHER $30K of funds would be STILL be given to them but we informed them that it likely will be consider TAXABLE INCOME to them.  

Will be paint full, but at this point, I’m ready to walk away.

Will be interested to see the responses and learn how people are using this stuff.

You will have to read that to understand.We always switch our tenants over to our lease at the earliest moment possible to ensure all of our tenants are operating under the same agreement.