New construction process find, loan, purchase, build
Hi BP... i'm looking to purchase a home in Nashville and demo the property to build 2 new construction Homes. the house is zoned R6 so the zoning is in place for 2 new residential structures. I'll looking for advice on how to set up the company structure with a buddy of mine and a private investor. My buddy and i are going to be partners on the deal since i found the deal and will be managing the process, my buddy will be the one to get he construction loan for the build and also bringing the private investor on board. The investor that will put up the money for the original purchase that way we own the property free and clear and won't have any trouble getting the construction loan. Would like input on company structure (LLC or otherwise), how to structure the private money with getting a construction loan. would the the construction loan put the private money in second position? Thanks in advance for all your input and advice!