One of his questions was what happens if the buyer defaults on the loan and he has already started building his house or put some sort of improvements on the land.

One of his questions was what happens if the buyer defaults on the loan and he has already started building his house or put some sort of improvements on the land.

One of his questions was what happens if the buyer defaults on the loan and he has already started building his house or put some sort of improvements on the land.

If you held onto any sort of list that you used as a tool when interviewing, I would highly appreciate it if I could give it a look-over, and of course with your permission apply anything to my own case.

Based on already knowing cost for what needed to be replaced we could get an idea of cost.My local REI has a contractor member that has given out a cheat sheet of sorts that has material cost (updated as cost changes) and typical labor charges (also updated as needed) for several things like roof, flooring, appliances, cabinets and counters, windows, painting, etc. 

My Opinion:  I assume this is some sort of mechanic lean they put on the property?  

I want to give them some sort of 'speech' and in return have them give their clients my card or a reference.

I was curious, because it looked too good to be true with big white columns (looked like an old courthouse or something), high end finishes, and the same verbiage about taking a loss and might be willing to do trades of some sort.  

It may include some sort of arbitration clause in the event of dispute.

A HELOC should be explored in addition to a cashout, lots of variables here as to what the best route is.I wouldn't put much weight into the neighbors, this is common and as investors we build thicker skin as we go forward via pesky neighbors and tenants. =)I would recommend your plan involve you not paying MI on your new purchase, so coming in with 20% down + would be my advice.