Hard Money

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Hey guys,

So I've been approved for a hard money loan of 100% of the deal up to 70% ARV with 10% cash or collateral down. Terms are 12% interest and 50/50 profit split. This will be my first real estate deal so I'm not sure what to expect and I was hoping you guys could answer a few questions I have. I could easily call the lender with these questions, but I'd like to hear what you guys have to say first.

If I can find the right deal and keep all costs below the 70% ARV, will anything at all have to come out of my pocket? Like fronting rehab costs, closing costs, etc. I'm assuming so, please fill me in!

I don't have much cash now, and have a family member putting up the 10% collateral for me to help get me started. Is it realistic for me to think I can jump into this right now? What else should I be prepared for? 

Thanks!