I have only heard of it happening one time personally..

Also interested in networking to learn more about my personal interest in STR's primarily in the Tampa, Bradenton, and Sarasota markets along with other southeast coastal and mountain markets. 

The terms and costs will depend on the property, your personal situation, the location, etc.

Our life is complicated and I work a complicated stressful job, but if we’re being honest, I also don’t have time for renters, but I somehow make it work and I personally think it pays off.Mtg: 1800Rent: 2900Owe: 200Rate: 4.5 I thinkSell Price: est. 450-460No other rentals except an in law suite on our current primaryFuture goals: would love to use this properly to buy other properties to get out of the corporate rat race. 

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

I personally love the Cleveland market for its cash flow.

Referrals from local investors on BiggerPockets can be a great resource. https://www.biggerpockets.com/business/finder/agents@Mark Ainley sounds like a great person to link up with!

Personally, I would prefer to use the HELOC approach.

And this means you're going to spend some money on that person.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.