The rates and terms are simply better.However, people use a hard money lender out of necessity because they either need to close fast, or they don't have the credit for a bank loan.  

I hope you have success Rob, but I also hope you've learned a valuable lesson on the necessity of not cutting corners when it comes to contracts.

My honest abbreviated conclusion on the necessity of paid learning is this:  1.

IT'S SURROUNDED BY RESIDENTIAL BUILDINGS SO IM SURE IT HAS ALL THE NECESSITIES FOR DEVELOPMENT.

If you did attempt to be added as a loss payee as well, chances are the insurer will question the necessity for you being named as such.

When they can't afford their rent because the median income is only $31,000 it doesn't make it a good rental market just because there's a bunch of people renting out of absolute necessity.

. :) As much as I love Brandon's work usually, I'm actually with you on this one - being gun shy until you have a better strategy in place is probably a wise choice (in my book at least).I'd look into refinancing and also potentially rehabbing and selling to move on - maybe starting from scratch is the best that can be hoped for here, with a new, better informed and better formulated plan.Incidentally - are you landlording by choice or necessity?

I am a current landlord of a SFR ( by necessity) and looking to get into rehabs.

I'm not quite sure what I'll do when someone calls me, and I don't have much of a contract written out yet, but great things are born from necessity right?

Wouldn't usually include numbers but sort of a necessity on this one.