Some HML may be ok with desktop appraisal/BPO compared to a traditional lender.If you are doing renovation then the draw process i find private lenders to have more flexibility in regards to draws and number of draws. a HML is more convenient but you will pay for convenience. 

This will allow you to compare policies, although, from my experience, most companies offer very similar coverage.As for your 2nd question, 2 things I wish I had learned early on:- Explain the benefits of renter's insurance to all tenants and prospective tenants.

Expenses are extremely cheap for it as well compared to my other units. 

Hard money loans can facilitate faster closing times compared to traditional financing, allowing you to secure and renovate properties quickly.

I am now finding that our rates are comparable to those properties that don’t offer a golf cart.

I wasn't interested in investing at the time, but I did have a chance to talk to a local broker and remember the asking prices being shockingly high compared to what the locals make.

What are the drawbacks compared to a conventional loan?

If it's a comparable out of area rental property, the number needs to be 25% or better for me to consider. 

Higher ROI on renovations in 2024 (75%) compared to 2023 (60%)Potential challenges:1.

If you’re short on down payments, here are a few strategies to consider:Leverage Equity: If you own any properties with equity, consider tapping into that through a cash-out refinance or HELOC to fund your down payments.Seek Joint Ventures: Partner with other investors who can provide the down payment while you manage the property or contribute in other ways.Explore Creative Financing: Look into options like seller financing or lease options, which might require less upfront capital and can be structured to fit your needs.Consider Private/Hard Money Lenders: These lenders can offer flexible terms and quicker approval compared to traditional banks.