Or, just keep going as I am, doing delayed lending to cash out after I make repairs and get a tenant in them.

You should never allow a seller to become a tenant; he will be able to delay eviction YEARS, not months if he doesn’t pay.  

Those are all fixer-uppers and people are using hard money to minimize cash out-of-pocket.FWIW, cap rate is an irrelevant metric for single family, which uses comps to determine value. 

Investing in New Builds: Considerations and ProcessNew Build Investment Options:Build and Sell (Fix and Flip):Pros: Potential for high profits with modern appeal.Cons: Requires significant upfront investment and market risks.Build and Hold (Long-term Rental):Pros: Attracts quality tenants, potential for higher rental income.Cons: High initial costs, market fluctuations.Process Overview:Market Research: Identify high-demand areas.Land Acquisition: Purchase suitable land.Design and Planning: Work with architects and obtain permits.Construction: Oversee build quality and manage costs.Marketing (Fix and Flip): Highlight new features to attract buyers.Tenant Management (Rental): Implement thorough screening processes.Advice:Educate Yourself: Understand local regulations and market dynamics.Risk Management: Prepare for potential delays and cost overruns.If you have any other questions/just want to discuss feel free to reach out to me directly!

You could ask to simply extend the inspection period and not delay the closing.

There are no fees each time you draw. closing costs are often minimal, and the rate is similar to a hard money loan.

Unfortunately, most of the time this happens, the tenants have spent the rent money already and they end up moving:(Just some of the challenges of investing in gentrifying, Class C areas and why proper management is so important to minimize these challenges.

Hopefully you'll be able to put a period at the end of the sentence without too much pain - either financially or in the form of further delay.

Get a deal on a property and put a minimal amount of work into it to get better rents.

Here where I live in TN, I would have no problem having the bottom end at 67 or 68 because the risk of freeze up is minimal (I'm in the mountains).