Both my private lender and myself are new to private money loans. 

Hey Michael, With foreclosures you need to wait 7 years in order to get a conventional loan (it's a different story if it is a pre-foreclosure, deed in lieu of foreclosure, short sale, bankruptcy, etc).  

Depending on the type of loan (conventional versus FHA), they have very specific requirements for the condition of the property - from the age of the roof to the condition of the paint. 

They also also provide portfolio loans to their members.

If you're buying 1-4 units properties and doing residential loans, get an umbrella policy. 

Within 12 months, I improved my credit score, got approved for a VA loan, and bought my first duplex!

@Cody Zimmer, that is correct.At a very high level.....You can limit liability via insurance and get easier loans if you keep things in your personal nameORYou can limit liability via an entity (e.g.

We purchased the property with a conventional loan and 5% down, 30 year, and a PMI obviously.We are doing some significant updates and upgrades that will increase property value.

He's offering me a very aggressive rate for a 3-6 mos loan.

Our agent was able to hook us up with a FHA Grant loan broker, in which the government just flat out gives you the 3.5% down payment.