The capital must be invested or actively in the process of being invested when the petition is filed, so the transfer, or an irrevocable commitment to it, generally comes first. Filing first and funding later is not an option, which is why the source-of-funds file should be complete before the money moves.
Fund, file, wait, then remove conditions
The sequence for a direct EB-5 is: complete the source-of-funds documentation; form or restructure the enterprise and execute the operating agreement with the investors' governance rights; transfer the capital into the enterprise, or into an escrow that irrevocably commits it; file the investor petition with the business plan and funds trail; on approval, apply for immigrant visas at the consulate or adjust status if eligible; enter and receive two-year conditional residence; and file the I-829 in the ninety days before the second anniversary with evidence that the jobs were created and the capital sustained. The job-creation clock is tied to the investment and the conditional period, so the hiring schedule in the business plan should be realistic about when ten positions will exist. Do not let the son's business urgency accelerate the transfer before the documentation is ready; a petition denied for an undocumented source of funds is far slower than a two-month delay to gather records.