I'll add - Although the note is secured, the wholesaler is taking on risk that the flipper won't perform on the project, risk of title flaws, permit issues, entitlement issues, environmental issues, unpaid taxes, etc.

There are a lot of compliance items, including reporting, inspections, racial quotas, low-income employee quotas, requiring tax returns of low-income contractors, affirmative marketing requirements, evictions only for repeated violations and good cause, no waiver of jury trials, environmental oversight, etc.A lot of these local and federal compliance requirements are a real pain. 

And you might want to consider some type of environmental inspection in case the old system contaminated the soil but with some due diligence you can make sure you're not buying a lemon.

My favorite, they encouraged us to rip out our lawn and put in hardscaping to save water and be environmentally conscious.

Instead, the Committee punted the money to an entirely different agency responsible for environmentally friendly projects, which spent only a fraction of the bonds.

As for the Environmental Site Assessment, do I need to wait until I have selected a lender?

I do boutique senior living and looking to expand our existing footprint there.

As a Private Lender I would add, based on the Appraisal/ARV as it pertains to the Current "as-is" Condition (C1-New Construction thru C5-Requires significant repairs) of the property to the Expected "as repaired" condition of the property.The footprint of the property is absolutely essential as stated above, closely reviewing the interior/exterior pictures in addition, will help you fine tune your ARV value based on the improvements your planning compared to the Improvements done to the comparable(s).

Consider how diverse they are, environmental impacts etc, and other fashionable categories, then the financial engineers can print the money and give it to the companies they like.  

Nathaniel,Because of the need for Pollution coverage by a Demo contractor, we are often using Specialty Markets that do a lot with the Environmental Firms.