House flipping hard money loan

[David Kors]

Hello everyone! I currently reside in Chicago Illinois and I was thinking to take a hard money loan for rehab properties. Would that be a good idea? If yes, which private lender would be the best in chicago area? And what happens if things start to go south and take a loss? Would the property just be foreclosed or would you be bankrupt? Not that I want that to happen I would definitely work with a real estate investment broker or realtor and make sure in which ever property I invest in is worth it.