I am looking to get 12 more units this month 3 quads in one deal, but knowing what I know now I would never even consider an out of state or even a lengthy drive deal with multifamily. 240k for 10 units means the property probably has been mis-managed and needs some sweat equity and a few repairs.Whatever route you decide to go I hope you are successful and keep us updated!

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

In the current market in my area I don't think many people would bother to consider an offer that was not on the standard contract- it would be too much hassle.

As for your deal, really to hard to say I need more info on expense etc, but based on the numbers you shared I would definitely consider an offer, but just because others are does not mean you should, have your number and stick to it, don't get caught up in angst to get first deal you or you most likely will suffer a setback and may be keep from moving forward in this industry. 

I would look elsewhere or consider an alternative such as a REIT, a HML fund, etc.

For a purchase of that dollar amount you may consider an unsecured personal loan.

But in the end, it is still asset based hard money lending.Can you give an example of what you consider an institutional private money lender?

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

But you have to consider if such a transaction fits your specific investment strategy and risk tolerance.When I consider an investment out of my area, I will research the market as much as possible.

Consider an over-funded life insurance policy.