Period.Learn some lending basics before you loan a dime to anyone.

In California, process and documentation matter more than gut instinct.A few clear principles to keep you protected:Stick to your written criteria.

You find a deal, but you’re basically forced to use their preferred vendors—inspectors, attorneys, and management.

I don't know the final outcome, but at the point I met him, he was over $35,000 into mold removal and still couldn't obtain a clean mold certification.Important ConsiderationsMaximum You Can PayHere is a basic formula for determining the maximum price you can pay for the property:Purchase Price < Sale Price – Closing Cost – Renovation Cost – Project Management Cost – Carrying Cost – Cost to Sell – Profit – PadBelow is an example showing how you would determine the maximum price you can pay for a property.Sales price and time to sell and close: Be very conservative when estimating the property's sale price and how many months until escrow closes and you receive the funds.

Then hiring a management company to do that for you will basically make the property break even or sometimes do worse than long term rental. 

When nearby listings start showing more open nights 30 to 60 days out while rates slide, the arbitrage is basically gone.The other big tell for me is the same one you mentioned but flipped.

Buildium: lease/tenant management, online rent payments, maintenance work‑orders, and basic property accounting3.

Do you basically need to present a hard money lender a wholesale deal with an estimated fixing cost and an ARV to acquire the loan? 

I have basically operated your model for the past 10 years with a number of partners.

honestly the articles and press releases have been unclear.Hence my call to the BP universe, I know we've got  quite the cbus cohort here...Anyone have more incites on these changes past the basic news articles out there?