Also some lenders will offer this on newer originated loans.It’s not common but I have seen it offered on occasionIf there is a higher default interest rate then I would consider it but if it’s the same rate as default I would not accept it

Can someone share insight on a standard or common structure for loan terms when you are a private lender?

I know these are fairly common topics and I've done a lot a research on them but there are some points to my specific situation that I'd appreciate insight into.Background:In Early 2021 my wife and I bought a property for STR and began renovating it almost entirely ourselves.

This is called cash-for-keys and is common in markets where eviction is difficult.

Sure you can find better deals, but that is the common one I see.There will be times when the market is great and sometimes when it is down, but very hard to time. 

However, if you plan to do a furnished rental, then I think month-to-month may be more common.

What would be some common pitfalls in either transaction?

This allows for 45% of the effective rent to be spent on all your expenses (taxes, insurance, management, common area utilities, etc. - but not your mortgage payment), and gives you the net operating income (NOI).

Here's a recent article from ISS:https://www.insideselfstorage.com/development/busting-9-common-misconceptions-about-self-storage-development

What is common practice as far as the contractual agreement between the agent and the buyer in the event the seller does not pay or only pays a portion of the agreement (i.e if the seller only pays 1-1.5%)?