Hello.  I am dealing with a rehabbing company that I consider lending to.  They seem to be legit.  I bought a property with their assistance (they matched me with a local seller). I am considering funding a purchase and rehab of 3 small properties with them.  I provide 80% of the purchase and repairs cost.  They - the other 20%, all BPOs, inspections and title costs.  We go through an escrow company of their choice, and I am on the first position on the deed.  The title company will provide all insurances and lender policies for review.  The note that I get from the rehabbing partner will show the repayment terms of the principal + the monthly payments for the funds I lend.  The rehabber is incorporated locally near the location of the properties.  I met the principal, he also checks out online.  

I have not done this before.  Those of you who have experience lending to a rehabber, can you tell me what I should pay attention to and what to expect?

Anything will be interesting to hear.  Specifically, these things:

- Their incorporation is form 2 weeks ago.  But they have other entities going.  Shall I think why this is so?

- Anything I should pay attention to in the note they provide?

- Anythign I should pay attention to in the paperwork that comes form the title co.?  Lender's policy?  
- What document will ensure my first and only position of my mortgage to this deal?

- Where will the 20% of the rehabber's contribution be recorded?

- At what point do I transfer the funds?

- Anythign else?

Thank you.

Yuri