Are hard money loans for flips only?
@Charlie Moore not necessarily. If you’re buying a property that needs extreme rehab, the bank won’t finance it. You will have to use hard money or private money for the purchase. After the rehab is done, you can refi out into a traditional mortgage.
Talk to your bank or local lender about your plans.
@Charlie Moore As Bill mentioned, it's still shorter term money with higher rates and fees. You will need to refinance out into a traditional lender once the HML term is up.
If the property is livable now, why not just use a conventional lender?
Why do you ask ? Is credit or time a problem. There are several companies who lend on rental companies from 2-30 years without all the crazy paperwork.