People are chomping at the bit thinking they are going to get a steal for this property and they keep calling us as the lender.

Hi Nate - It'd be worth asking the lender for a detailed breakdown of closing costs for this program, as well as an estimate of the interest rate you'd get with today's rates (they'll probably need to pull your credit to do this).

Prior to losing the home in foreclosure the previous owner had retaliated against the lender by cutting out most of the exposed electrical wiring and removing the heat and air units from the property. 

Just a place for lenders to find borrowers and vs vrsa. 

The lender required that the property be tenant occupied/cash flowing.

You can always transfer to an LLC later, though check with your lender first.If you need help with financing or structuring the deal, I’m here to assist.Best,Drago

hard money is someone that you don't know, private lender is someone you "know"

Which lenders are offering the best deals in salt lake city right now? 

I'll take a guess why Mike got an LLC: the lender required it for a commercial loan.

Not impossible but the more issues the project has, the more experience a lender will want to see.