Quote from @Dean Harris: @Mike SferaThis is a great question and one I get from our client base often here in Memphis, TN.

Not sure if hard money would be the correct route to go for this one or notHey @Scott Allen I generally run the initial underwriting to minimize the developer's equity (@Shayan Sameer) based on the max LTV % or LTARV % that the handful of HMLs that quote me on my deals.

Don't put a high list price based on what you want, needs to be based on solds

I would not advise to steer clear of this test based only on you having a job.

Note if you go over 4 units, your valuation will be based on NOI and comp rate.  

Look at all of the costs and then all of the revenue and make a decision based on that. 

Is the 25% from LPs realistic based on today's market?

As a beginner investor based in the Seattle metro area, I'm eager to learn from your experiences and share my journey as I get started in this field.My current strategy is to focus on live-and-flip for the first three deals (looking for my second deal) to gain hands-on experience while building equity and learning the ins and outs of renovation and the local market. 

Based on your response Katee you clearly have not read through my comments in any detail or tried to understand my perspective or concerns.

It's a loan based on your revenues.