Dealing With Private Lenders

[Brian Cunningham]

I have 2-3 private lenders offering 450k for purchase and reno. Interest only payments and no DP. They're asking for 1% upfront. No escrow. How can I protect myself? What questions should I be asking of them?

My other option is to just use FHA as originally planned, but this would allow me to buy two buildings within 60-90 days.