Keeping in mind that every lender is different - they have different appetites and risk tolerances (pricing typically is relative).Lenders want to see:A good deal - something you can make money on - that should be important to both partiesSome liquid assets - Money in the bank, the ability to handle a deal if there are cost over runs or a long holding period. 

Get a taste and make sure you have the appetite for this market.it is not for every one.

I've even known some people to post "fake" ads for units they are considering buying to see how many people reply and what the market appetite is like.Even with a larger down payment (~25%) I'd struggle to make this one work. 

I've wanted to get involved in real estate investing for several years now, and have sat through enough classes, webinars, and courses to whet my appetite - now it's time to take action!

You can make money in whichever areas you like, depending on what is affordable for you, your appetite for risk and what margins you want.  

Some preliminary details to get your appetite going. 

The CMBS and securitization market provides lenders with liquidity by enabling them to sell their loans and distribute risk across a large pool of investors with different appetites for risk/returns.

Depending on their appetite fur rusk and principle loss, this might be as low as 5-10%.  

I just want to reinforce the fact, that this is my personal experience, it is not to say, this is the norm, but I consider myself fairly experienced with a fairly large buying appetite and capacity, trust me I am always looking for deals.

If I engage an attorney, I would try to build his fees into the cost of the loan, probably as points on the backend (after flip).One of my worries is that with the added cost of the attorney and with the return I require to satisfy my risk appetite, the rate I can offer them would be uncompetitive (one of them who has a steady income, good DTI  and prime credit score can get fairly competitive (6-8%) rates on an personal unsecured loan).