Include price, interest, payment schedule, and default terms.Have a real estate attorney review everything and record the lien properly.

Market Value $700K - Total outstanding Debt $310K = $390K]. 

Here is a lit of what I ask for:Are there any outstanding liens, judgments or fines owed?

Quote from @Kyle Calabria: Quote from @Lien Vuong: If your goal is in 70CF/30AP I think you're better off out of state or eastern side of MA. 

You might research the property lightly and find if it has any delinquent taxes, outstanding liens, or if its part of an estate, etc. 

If they complain and say you could stiff them I say "yes I could and you could stiff me", but you can lien the property and I cannot lien anything...

I'll admit I've hired a ton of contractors without insurance, licenses, lien releases and all that official stuff many times.

If you're doing conventional financing, get a local mortgage broker, but keep in mind IL is a lien theory state and MO is a deed theory state, so the loans will be structured slightly differently.

If in a second lien position, one also must assume that the first mortgage balance will have to tack on interest, fees, and legal costs if it becomes delinquent pushing up the second lien’s LTV position.

Lenders today will want to see: Current property values and existing liens,  Your overall portfolio debt service coverage, Clear exit strategy and projected costs to complete construction.