I’m totally new to investing (24yr old) and I have about 10K saved. 

Hard to tell from here, but your prices seem very high, although I do understand that "emergency" service during the high heat season will cost dearly...As LL, appliances, including HVAC that you have provided in working order, you need to repair or replace as needed unless local law AND your Rental Agreement state otherwise, obvious misuse/abuse excepted.

Do I only reveal that I have $40k, when in reality, I have a total of $55k but that's for downpayment, closing, renovations, immediate fixes, emergency fund, etc? 

Obviously, they could have done more like be in touch with the city and try and foresee any problems that could arise, but I'm seeing this as 100% the fault of the seller, but I don't have all the relevant info.  

But obviously, we have spent the better part of 20 years on the buyer's side of the table, so we are looking for some general advice, tips/tricks, or even the pitfalls of setting up a hard money lending arm to augment our current business model. 

I don't think this will be a total deal breaker, but definitely not the money maker I was anticipating.Great information on this thread, any other thoughts?  

I just got 7.125 w 0 points and ~3k in total fees

If you have any claims or some list particular claims in that time frame they will not accept new business from you.In speaking with the product managers I've given the example of a client with 50+ locations paying over 45k per year in premium having a claim for $10,000 and would they take the total account into consideration when this client buys another property... the answer was a hard no. 

I have invested a total of $285K in... a beach front lot 2016 and beach front condo 2017; both in Brazil.

Debt Service: Total loan payments (principal + interest).