You can also try to negotiate one or two extension options in the loan (you will typcially have to pay an extension fee and meet certain requirements to be able to exercise the option)

If at the end of the day you cannot obtain a solid answer to your question, I would not move forward until you know for sure what can happen, or at a minimum request an extension to the due diligence period to research further. 

Their lease is coming up next year and I want to start discussion on an extension.

I'm not sure how you would approach your friend to buy their property, but in terms of financing, you could always try for a conventional loan program (lesser property requirements, so you could swing a fixer upper pending how extensive the repairs needed are).

(Although I wouldn't be surprised if there ended up being an extension)

ok, so I'm not sure I totally follow... is the extension a tenant option or the rent just bumps up in 4 years?

However, points and interest are just one portion of hard money terms someone should look at... there's also the junk fees, down payment, length of loan, closing speed, extension costs, flexibility with 2nd liens, etc.BTW, most new investors should be able to achieve 12% and 3pts at 90% LTC for a 1-yr loan. 

Look up the addresses and you will start to see patterns, by the time you get 5 or 6 pages in you will start to be able to eliminate some before doing extensive digging.

If you need more recommendations, feel free to PM me as I have the whole library.In terms of MFH podcasts, the list is extensive but start with:1) Jake & Gino "Wheelbarrow Profits"2) Rod Khleif's 3) Michael Blank's "Apartment Building Investing..."4) Joe Fearless "Best ever..."

(atleast for the first couple of houses) Then im hoping i will be ready to do some larger more extensive remodels.I am looking to create enough cash flow to quit my job and eventually go full time flipping and BRRRRing.