Small stuff you may be able to get away with one guy, big rehabs you need a good company. 

This is kind of a perfect storm market for what you are doing.

It seems this approach has been borrowed from business startups seeking venture capital, and has spread to every aspect of business, finance and personal investment.My objections relate to a number of different concerns; that some may use the need for perfecting the plan and it's associated activities as an excuse to delay or even avoid the actual financial and networkng effort necessary to actually acquire a property.  

Hi @Roy Mitle,Although I have absolutely no affiliate with Rocket Lawyer, I have found them to be extremely useful in having very state specific agreements that are perfect for real estate investors.

They are perfectly good words.  

Yes- this is perfectly legal!

Go beyond what you think you should do (or get away with and not do) conduct your lending activities just like other lenders do in your area, stay with customs and practices.

This is perfect for us, as a conventional loan would be difficult (if not impossible) and it would allow us a little cash for the fix-up.  

Don't try to have everything perfect.

A great read and perfect timing, certainly made me look up a specialized real estate tax advisor for my future with investing.