Worse are the paper asset brokers. 

Hi Steven, the best hard money lender will meet the following:1. be willing to work with you (ie lend you the money)2. give you the best rate and terms3. require minimum paper work from you 4. minimum collateral5. they have deep pockets Once you find a good hard money lender, make sure you treat them right.

There's no proof in paper so that we can catch them.

And can you absolutely lose your shirt if you buy on the wrong street in the wrong neighborhood even if the numbers look great on paper and that property has nice countertops? 

As one who started in this business with carbon paper.. then NCR paper  then fax copies that just faded.. to plain paper fax to scan and e mail ..

We have learned the hard way if there is a problem, we need a paper trail and it's much easier to resolve with Airbnb that way.

I’ve always preached, paper figures aren’t real life figures.

They never really cash-flowed as much in reality as they did on paper due to tenant issues and capex.

@Andrew Syrios is correct, before you scoop up turn key properties that are cash flowing like crazy on paper, visit with local people in that city, live and face to face, not on some anonymous forum but real conversation to see the reputation and if what you are being sold is a good deal or a load of XXXX. 

Nice, neat paper trail and well-informed lenders.- Co-mingling fundsHere is a common scenario: You will have two lenders who each have a small amount to loan.