On the other hand, true private lenders are not professional lenders and hedge fund type lenders (which is what hard money lenders are), but instead are regular people in your circle and sphere of influence.

He is a realtor that I previously purchased a small portfolio from and therefore had a good professional relationship.

The mirage of get into Real Estate Investing, make ton's of money, get passive, do nothing, sip cocktails on the beach and professionally vacation the rest of your days sounds great, unfortunately it's a mirage. 

So, I am not a "professional wholesaler". 

I'd only add to get a professional inspection done with a very thorough team.

Readers should seek professional advice.

There are several hurdles during the process:Find the deal - Unless you are marketing or plugged into a community where there are opportunities, it isn't always easy to find the right dealsEvaluate the deal - Without professional guidance and research tools, it is difficult for a newbie investor to evaluate and ARV/FMV or create an adequate rehab budgetSecondary exit strategies - If things don't go as planned are their other opportunities to exit profitably.

Most professionals beyone me on BP most likely have seen this side.

That doesn't pass a cursory BS test, and risks the appraiser calling out either fixed plumbing + permits, or a licensed professional remove the bathroom.

By a professional estimate I mean having a contractor bid the work, not just me estimating the jobs.