Hard Money: a comprehensive DO's and DON'Ts needed

[Huy Thai]

BPers,

I searched the forums for a list of do's and don'ts for hard money lending without much luck so I'm going to see if I can get all the answers in one place. I am at a point in my REI where all my personal and private money is tied up in equity or stuck in a seasoning period. I want to scale my business with a goal of at least 10 new properties in 2018. The only way to reach this goal is to enlist the help of HM lenders. I get the basics of needing them for the rehab period but what I don't know are the details and what I should be looking for and avoiding. If I'm correct, most get HML's and only pay the interest accrued monthly, but I've also read that some are able to defer all principal and interest payments until the loan is paid back. Some give 100% to buy the house and rehab while others give a percentage. How many points is standard? If i pay for points is that a transaction cost or is that part of the loan somehow? Is the interest based on the deal being funded, my experience, or my credit report? What are the main points I should to compare between lenders? Local or National brand? .... and so on and so on. Those of you who have extensive experience please help us fellow novices from getting taken advantage of.

As and example, the deal I'm currently working on (in Houston, Texas) is a 4-plex of 1 br 1 bths that I'm buying for ~50K. 60K in rehab with an ARV of $175K to 200K (no comps in the area). My credit is in the low 800s. I've got 2 SFH financed, 1 condo free and clear, and 1 SFH in the rehab stage of a BRRRR aside from my financed primary. Oh and I still work a W2.

I'd like to keep this thread educational so please refrain from trying to pitch your services!  Thanks in advance for your help.