Hard Money Lending and refinancing

[Fillipa Simone]

I've been trying to purchase an investment property for over a year. The market in the Bay Area and Sacramento is Crazy! Every time I make an offer, I am out bid by a cash offer.  Yesterday I became aware that a probate sale for a house in the East Bay (California) is back on the market.  The buyer backed out after waiting 7 months and no court date to finalize.  This would be my first house and the prior inspection suggest possible foundation issues. There are visible cracks in certain areas of the living room and basement walls.  Would this be a bad idea to find a hard money lender considering I have not done this before?  Is it hard to refinance after you get the loan?  Do all repairs have to be done in order to refinance and get out of that loan?  Someone suggested getting approved by Hard money because conventional is not working for me.  I would like to keep the property and rent it out, not trying to sell it.