My husband did 90% of the work himself, only using contractors for large electrical, plumbing, and construction projects.

The answer is that if the lender that's doing the hard money loan is only funding the purchase and not the rehab, they then have less oversight of the project since they're not doing the draws, and thus not seeing the progress of the project and having control of the funds or draws from the rehab to make sure the project is progressing.

I'd recommend a HELOC for your situation, especially since there is already good equity in the project.

We estimate the project will take less than 3 months to complete.I’m exploring alternative short-term financing solutions and would appreciate any advice or recommendations on options that might work well for this type of project.Thank you in advance for your insights and assistance!

Ready REI later clarified that “turnkey” means that the minimum has been met in order for a tenant to live inside the unit; it does not mean that the outside of the unit is in good condition (eg the roof or porch).

Like deferred maintenance, (bad roof, worn out water heater/AC Unit, warped flooring, water damage) etc, unpaid utilities,  unpaid taxes, a second loan, unpaid HOA fees, a bad pool, bad reputation, sometimes squatters, sometimes they were drug houses, and so on.

The home needed a lot of work including roofing, windows, siding , kitchen, baths, and mechanicals.

In previous posts people have used both financial analysis/projections, and point to point critique to try to explain this, but it hasn’t resonated with the true believers.

This is typically for most people not a DIY project. 

I am researching a project and doing an extensive property visit next month on a project that yields well over six figure in revenue.