I can’t pass up beef liver and grilled onions.  

Most hard money lenders will need conditions to be met.

what condition?

Tenant agrees to maintain all furnishings, furniture, décor, and household items in good condition and to use them only for their intended purpose.

@Marc ShinIf you’re buying tenant occupied, make sure you get a copy of the lease, rent history, security deposit info, and a move in condition ifno as part of your due diligence. 

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

No, all the funding is being provided by the private lender.Apparently, the way this works is the DLBA allows the sale under specific conditions, including that the property be renovated to a certain standard within a set period of time.If these conditions aren't met, the DLBA can effectively step in and take back the property.Or, at least, that's my understanding.Anyone have any experience with this?

Anything 5+ is commercial 4 and under is residential.  5+ requires much more in terms of borrower conditions inlcuding down payment, Higher Fico scores, Land lord experience, some lenders requiure you to not only own a primary home but also 1 or more invetment properties for 12 months (used for landlord eperience, pay history, collateral, etc.They may also require PITI reserves 12-24 months or 6 months per property in addition to the subject property. 

I’m flexible on price per door depending on location and condition, though I’m primarily targeting strong cash flow and a 14–16% IRR range over a 5–10 year hold.I’m open to markets like Wylie if the fundamentals support stable long-term growth. 

Focus on collateral first LTV, property condition, market rent, then the payor’s story and payment history; price yield to risk and prefer clear remedies with a recorded security instrument and servicer in place.