Paying a bit more might be justified if the pro forma income is very achievable, but $360,000 seems too high unless renovations are already complete.Factor in the costs and timeline for completing renovations for the studio and the fifth park-owned home.

That means the early payments are mostly interest while the principal balance is high.

Since the LTV on the hard money loan is high , I would personally purchase it using a bank statement loan at 85% LTV (15 percent down) and, as you mentioned, just use your cash for the rehab.

I do need a property that is not very expensive, which is why I have been looking into Clevland due to their low selling prices and high appreciation rates.  

If you have a high level of faith in the company you are working with, then time will do what it is supposed to do and increase your IRR.  

Most often owners have too high of expectations for C/D neighborhoods.

We make sure to do the work to a high degree.

I highly recommend managing it remotely if possible.

I expect 30% turnover in a given year, but have seen it surge as high as 48%.

Provide copies to all parties involved.This project-specific agreement works well for one-time jobs, but if you plan to work with subcontractors regularly, I highly recommend having an attorney draft a Master Services Agreement (MSA) for your business.