Hi Hoa,- Hard money is fast efficient, expensive,  it has high rates and points and shorter term 6-12 months or less typically with extensions available- HELOC typically has no points but prime + 2-3% margin right now is almost the same rate as hard money and closing costs are a lot less than hard money and you can rinse and repeat and reuse it after paying it off so yeah overall its better than HML (hard money lending)Thats just the beginning of your research, the reality is in real life you might need both sources, make sure to have both ready and start with the best execution or option first and always be ready to use the others if the need arises.rehabbing is messy AF especially on older housing Illinois housing stock from 1895-1940's.

ORGANIZATIONAL DOCUMENTS ON THE BORROWING ENTITY: They will need* Filed Articles of Organization* EIN Letter from the IRS* The fully-executed Operating Agreement for the Entity (By Laws for a Corporation)* Meeting Minutes Showing the Signer has the Authority to Sign and that the project has been approved by the board of the entity. * Certificate of Good Standing for the Entity DRIVER’S LICENSES FOR EACH GUARANTOR: Please be sure to get a legible picture of the front and back of the document.

Properly executed, an investment in these types of property can garner substantial passive losses, often equal to the amount of capital invested (or more) even in years where the benefit begins to sunset.

You must execute and then adjust when needed.

In this particular example we put the deal under application underwriting to a HUD exit with a great execution bridge lender who we have closed with in the past.

Stessa Review:tl;dr: Stessa offers incredible potential but doesn't execute on it.

So if they have an executed lease, you pretty much have to abide by it.

@Collin Mitchell did you end up executing with or without Lennar Mortgage and if so any learnings/advice?  

The fastest/cheapest is to get the other title holder to execute a new QC to you, but if you can't find her then QT is your recourse. 

More details/example fees: Management Fee: 10% of gross rent collected, $50 minimum per unit.Leasing: One full month’s rent upon execution of a leaseOther: 10% will be added to each invoice for any repairs, maintenance, improvements, landscaping, and snowremoval for the Property 50% of late fees collected $50 lease Renewal Fee $50 per utility turn on $25 posting 3 day notice $100 per court appearance witness fee $50 tenant removal with bailiff or police $50 to meet inspectors for housing voucher programs, occupancy certifications, and/or POS or rentalinspections Broker may charge to offset Broker expenses for postage, key copies and other misc. expenses $100 set up fee $120 annual consortium fee ($60 March 1st, $60 Sept 1St)Given all this, how do I input it when I'm making calculations for a potential investment (do I put this in as >10% like 12%, 15% or 20%?