In full disclosure, I've never taken a hard money loan, in part because I don't flip houses (I'm a buy-and-hold investor) and I find hard money terms hard to stomach.

I'd recommend getting licensed, but besides the licensing, I'd recommend finding a mortgage broker who is still growing/expanding their business, and someone who's been in the industry a decent amount of time as going through different real estate cycles really lets you see if you can stomach this industry. 

I don't have the stomach to just raise the rent $600 in 1 year.

I looked briefly at Norfolk and the prices were a like easier to stomach compared to VA Beach.

It could be a good hold if he has the stomach for it.

But do you have the stomach, can you control the risk, developing will take about 3 years from seeking land to full occupancy thus lost cash flow, financing is tougher and fluid, Interest rates will be different in 3 years, etc.

(Don't have the stomach for long-term tenants in NY.) 

But buyers must also need to be a ‘strong buyers’ ie somebody with enough $ and the ability to afford/stomach/weather the higher interest rates, until they retreat.

Worst case scenario I can stomach the loan, but I’m all actuality.

You must also be able to stomach the fact you may not close a deal for 6 months into the campaign....if you are spotty with the letters, or just send out a few, you won't have results.