Draw up a promissory note with your folks, and include an interest rate of something notably higher than prime (say 8%), along with a 3-year balloon repayment. 

As someone who started investing turnkey 6 years ago, one key to successful turnkey investing is to be sure to vet the company thoroughly, and I think that should include a visit to the market to meet with those you are considering, see their rehab work, the neighborhoods they investing in, and learn about the quality of their property management.   

But my guess is he doesn't want to be held to a SOW that doesn't include everything the architect puts in.

Hello EveryoneMy partner has filed for an LLC (Cincinnati, Ohio) back in February as a single member and we have made an Amendment to include me as a 50% owner in the LLC.

@Jonathan TwomblyIf California starts to tank, like 2008-2010, then probably everywhere in west will tank, including Las Vegas.

I'm under contract on a 4-plex with 3 fully renovated units and an extra residential lot (zoned multi-family) included.

I would also get started on making a list of value add opportunities that are available for you to add to the property.I recently wrote a very detailed blog on BP that you can review to spark ideas:https://www.biggerpockets.com/blogs/10864/73644-top-14-multifamily-ideas-to-add-value-including-drone-landing-pads

Big Money isn't always right, but it does influence economic activity and markets.When I investigate a dividend-paying stock (including a REIT), I compare its current yield to its average long-term yield to get an idea of its price relative to its dividend.

When using the 50% rule, does that include vacancy and capital expenditures?

@Dan Roma You can have an agent list the property if you include that right in your contract (this is a major component of wholetailing).