If I had wholesaled the property the "traditional" way for $420,000, the profit would have been about $50,000 so I still came out ahead by jumping through hoops to sell the property at the bid up price.Lots learned during this process - while "double closing" the property was quite unconventional for typical wholesaling, in this case it was worth it because the numbers worked, even after tons of selling costs.

Is this legal with traditional loans?

Always best to ask a lender about loan specific items as only 1-2 out of 10 realtors is worth their salt.

You will typically pay a point higher interest rate, but they don't look at your income as much as a traditional loan and closing costs are similar

It's basically a list of all of the items that we require them to have before we'll take them on for management.

I am going to guess you are unable to get traditional financing, which is why you are going the hard money route. 

You would have to come up with the funds to furnish, but you could probably get more than with a traditional rental. 

For my first investment property, since I do not have adequate funds for a down payment/do not qualify for a traditional loan due to insufficient credit history, I am seeking a partner to provide the down payment while I provide the deal. 

A few weeks after receiving her itemized deduction and remainder of deposit, she sent an email to dispute charges and threaten lawsuit again.

I don't have any expertise to give you, and certainly other members have imparted good faith advice, and some good should' ve-would've items that we all can learn from.