For example, with 5% inflation, a $100 basket of goods today will cost $162 in ten years.

Renovations can cost more than you expect, add 10% to your overall number.

Hard money typically refers to a company that has it's own underwriting guidelines, rates (9% - 15%), costs, draw process ect.

No free weeks, no reduced deposit, etc.

FYI, most of my CFO clients borrow from HMLs that will lend up to 100% of their rehab costs. 

Be certain you've fully evaluated your cash flow by doing a cash flow analysis.I leave it to you to confirm you've taken in consideration the following potential costs: CapEx, maintenance, property management, water, sewer, trash, vacancy, turnover, taxes, insurance, etc.

Be sure to factor in repair costs to keep things profitable.

Outsource tasks like admin work or cold calling to virtual assistants (VAs) to free up your time for more important tasks.3.

Second pro is that you get to lower your living expenses or live "rent free" by having your tenants pay for your mortgage payment.

The cons, if the borrower doesn't pay on time or completely welshes on it then there's that oportunity cost.