This might strain the schedule for your project.Risk: Significant financial losses, including the possibility of losing your property in the event that you fail on the loan, might arise from a repair and flip project gone awry.Due Diligence: To make sure a hard money lender is respectable and reliable, it is crucial to carry out extensive research and due diligence before selecting one.Before proceeding with a hard money lender, consider your financial situation, risk tolerance, and investment goals carefully.

My primary approach is to screen and select those tenants that can and do pay, take care of the property and pay for damage that might occur.

A question for you:  on what criteria did you select your realtor? 

I'll typically contract work out, unless it's something I can handle myself - Residential purchases to turn into rentals (12 months or longer)I read a few posts and did some research, but I want to be sure I am selecting the right NAICS code.

It will hinge on your tenant selection.

Hi BP Community,I'm starting out my learning path and I've read the Ultimate Beginners Guide and have been listening to the BP Podcast starting from the old episodes. I've just finished reading for the second time in ...

I’m currently selecting my market and will keep you updated.

I'll typically contract work out, unless it's something I can handle myself - Residential purchases to turn into rentals (12 months or longer)I read a few posts and did some research, but I want to be sure I am selecting the right NAICS code.

I initially selected an option that does not seem to apply and have not been able to make a change.

Definitely start by learning more about STRs - how to select markets and underwrite deals is where I would start.