I once paid a plumber his last draw before he finished the job.

Repair draws: 70% c.

Make sure that you get a lawyer to draw up an agreement and lock up the deeds.You don't want to put all the effort in and then have him change his mind and sell it out from under you or a family member just jump in and take over.

Possibly money advanced for the first draw depending on how your construction agreements are set upGenerally you'll need to budget preferred equity for 80% LTC plus some working capital and interest carry.If you give some actual numbers it may be easier for folks to help out.

@Michael WrightI would recommend an attorney draw up the papers.

Under the terms of the senior preferred stock purchase agreement, dividend payments cannot be used to offset prior Treasury draws, and we are not permitted to pay down draws we have made under the agreement except in limited circumstances.

This will include any mortgage or deed of trust and any subsequent assignments.

Therefore, if it were me, I would draw up a new lease and require every person sign the lease and contribute to the security deposit.

@Zach Sikes as an aside are you also hit with a 'bank inspection fee' every time you need a draw after each phase is completed ??

So... he was back to the drawing board.