A local attorney who specializes in commercial might help.How do you know about title exceptions, ALTA level one survey, site inspection, phase one environmental,appraisal, service contracts, loan covenants,leases, property management agreement, estoppels & snda's, association dues, ccr's,etc.?? 

This turned out to be a Turnkey type of transaction except I was getting in before rehab instead of after allowing me to take advantage of forced appreciation!

I'm wondering if we have to wait until one year has passed before renting it out, or if there are any exceptions to this rule.

The transfer of beneficial interest is not recorded and does not cost a thing, except maybe notary fee.

Note that the term on these notes matters a lot; especially if you'll have a lengthy rehab where the project duration may possibly exceed the note term to get a marketing period long enough to find a suitable buyer.5 points, 15%13%, 4 points, 1 year, 70% LTV13%, 4 points; talking 90% LTC, 1-year IO, $750 processing9.9% IO, 3.5 points, no prepay, 1-year, 90% LTC70% of appraised value, 4 points, 14%, 95% LTC, 1 year65% LTV, 90% LTC; 13%, 3-4 pointsThe best lender I found in the country that would loan on new construction projects in Austin was 9.5% IO, 3.5 points, no prepay, 1-year term, 90% LTC.Local small regionals will loan at 85% LTC (the FDIC standard limit without carrying an exception on the books) at about 6-7% and 1 point.

Stay under # of offerees and partners and make all partners limited-except you.

No exceptions to this.In my state of SC, the landlord can be fined heavily for doing so.

In our area we do not submit earnest money when we write offers (except for one realtors listings) so I don't have to worry about getting the earnest money back.

You control a pretty decently sized asset and they tend to rent exceptionally well.

Anyone letting you into a deal also must trust you.I've done many no money deals, one was a purchase over 850k and the seller paid me and kicked in additional cash for a development, never would have happened by anyone with less than exceptional skills, knowledge and with a personal reputation.