I have heard it used different ways.I have used a version of gap funding where the hard money lender funds 85% of the flip (purchase + renovation) and the gap funder funds 10% of the deal.

I figured the PM would definitely be local to the area of the property and would need different PM's for each area, those were just the areas I'd like to invest in. 

My other SFR notes have interest rates determined by the borrower's cash, credit score and income - so market rates or higher.I understand the difference in performing vs non-performing notes and that performing can become non-performing pretty easily. 

If there is anything in the resort area that your on the ground crew could pick up and provide, that will make a difference.

For example, I would never have 2 properties in 2 different states in the same LLC. 

So now I have a whole different issue to deal with.

This will give you some info so they are not guessing on what will be needed (they probably already know rough numbers, but each project is different).

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Somehow they bury bad reviews on google with great reviews.For clarity, I own DealMachine (not batchleads... totally different companies).

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.