First Deal as Lender - Low CLTV but 2nd Position?

[Andy Kurtz]

At a recent BP MeetUp, I met an investor looking for private funds for a fix and flip. Here are the particulars: ARV: $600k conservatively Acquisition Cost: $300k (probate deal) Rehab Cost: $150k. Will take approx 6 months. The house won't be ready until the dead of winter (always a concern in Boston), but the property is located in a white hot market. The rehabber also sent me their portfolio of prior deals; they have done 20 deals since 2015, though this project is the first at this price range. They have a HML for the $300k acquisition cost, and they are looking for funds to finance the rehab. I explained that I'm not comfortable lending the full amount, but if they had 10% skin in the game I'd consider it. @Jay Hinrichs mentioned in his recent podcast to avoid going into second position at all costs. Being my first deal as a private lender, I have obvious concerns about being in 2nd position, but the CLTV is so low, I'm strongly considering this opportunity. What questions should I be asking myself to further evaluate this? Should being in a junior position simply be a deal breaker for me? Thanks for any and all input