Try to build a buffer into your project timeline so you don’t need extensions.Compare multiple hard money lenders before committing — fees and terms can vary widely.Hard money can be great for speed and flexibility, but knowing the terms upfront and planning carefully can save a lot of money and stress. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

It feels like cheating, but the savings pays for the therapy.

But I'll add, DSCR seems to be the flavor of the moment, but terms really vary between funding sources.

Rates and fees tend to be higher, and guidelines can vary quite a bit from lender to lender so flexibility and clear communication are key.What I personally like is how they allow deals to stand on their own merit.

Comps are easily accessible by all realtors however the interpretation of value is going to vary among agents and their buyers.

Many investors aim for an 8–12% CoCROI, but the target can vary based on the market, risk tolerance, and whether it’s a single-family or multifamily deal.

Cleveland’s average rents support the $1,200 figure, but it varies a lot by neighborhood, so double-check comps nearby.Given it's an off-market deal, don’t be afraid to negotiate.

You’re not locked into a builder unless the development has a builder tie or HOA/ARC rule saying so, and that varies by subdivision, so verify before you write the offer.

Every market is different so your mileage may vary, but the way it typically works in my area is most active agents know each other and we talk a lot.