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. 

I personally don't like getting a lot of automated messages when I rent a STR, I'd rather have some more personal contact.....

i'd pick a market close by, or that you have a personal connection to, or that you visit often.chasing cash flow by itself can lead to negative outcomes - for example, these investors bought in supposed "cash flow" markets:https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1137397-balti...hope this helps.

I personally use Bnbcalc: https://bnbcalc.com/?

I havent worked with him personally but have received a good referral for him.

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.

What made you think this person had no experience whatsoever and didn't own their own home? 

And you can't legally dictate how much they carry for personal belongings. 

I don't have a solution but I think a real estate attorney or a title attorney would be a good person to talk to.

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.