Don't let your excitement and determination to get a deal funded blind you to the notorious red flags of so called Private Money Lenders.

@Laticia Myers Definitely make sure to cover the windows with paper on the inside, board the windows up, or put blinds in all the windows so people can't look in.

After I questioned him why, he told me he still has a lot to do and will store his belongings at a self-storage space and then start to appeal to emotions and say how he has been paying rent on time for almost 10 years, how a faithful Christian he is, how he has been paying contractors to fix problems instead of me paying them (he never notified me when he did it), how he has replaced my old worn mini blinds with his new mini blinds at no charge (but without notifying me when he did it), and tell me to give him some more time.

Hopefully, you aren't "blindly" trusting the PMC.

Without those comps, you're flying blind. 

I call it, "The Blind leading The Blind", or maybe one person in your group is a genius who has terrific real estate experiences, is knowledgeable about every facet of real estate, is a workaholic and the others are brain-dead 24/7 beer-drinking zombies. 

Door in the basement kicked in; holes in the drywall; blinds broken; etc.She owes me $2000 deductible from a fire her kids caused last December ("You have my word I'll pay you") and she walked out on her last months rent -- so we'll be filing in small claims court.I already have my team scheduled to get in there to pull the carpet, lay LVL, repair & paint.My question -- since I'll be taking some legal action against her -- is should I file a police report for the damage that was done on the way out before I do any repairs? 

I have a few lenders to get started.I understand there is probably a lot that I might be overlooking, but there might be some major blind-spots or potential landmines that I am overlooking.

Let your agent know that you now rent the place and ask if your home owner's policy needs updating.You can prohibit pets, they chew things, bend window blinds, disturb the neighbors and make wet spots if left unattended.

Broken blinds.