Using Hard Money for non-flip Property

[Account Closed]

I am an experienced investor and have purchased homes in Virginia and Michigan several years back. At the time, I used conventional bank loans to buy the property.

Today, there are many great deals out there. Problem is, due to a divorce and credit issues (that I am in the process of repairing), my score has taken a hit. It was tough, but I still own my properties and did not go BK.

What are the thoughts about using a hard money lender to purchase "ready" single family homes in Virginia (or other favorable state) at $80-$95k? I'm thinking that if the entire rent was kicked back to the lender (along with me making up the difference) they could be made whole in 12 months.

Thoughts?