Most hard money work as follows:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Should I ask him to sign the lease and if he does not then give him written notice to leave the property in "X" time frame? 

Bookkeepers are fairly inexpensive for the value they provide.

Do I have to apply during a certain time frame in order to get approved ?

This is a great way to buy several properties in a short time frame.

This means with no prepay, you will have a higher rate, but this makes sense if you plan to sell the property in a short time frame. 

--What is your average closing timeframe?

  ( 9-11% depending on the type of investment and time frame) Any experiences,  opinions or suggestions would be appreciated.  

New to Realistate, I found we have access to free information and books are inexpensive.

You do need to have everything that is charged for itemized and  send that letter showing deductions within the time frame required by your state.