The difference in a good and bad manager is not $40 / month, it's thousands of dollars to your investment (don't get me started on property preservation and related catastrophic events like tenant-related fires without coverage). 

Some money wants more risk but more equity pop, other money wants less risk, more stability, and happy with less equity pop.The difference is wealth creation vs. wealth preservation, and it's all cyclical.

The number one biggest benefit to using hard money is that it will let you preserve your capital so you can grow your portfolio.

Assuming that this represents a significant portion of your net wealth then preservation and safety are the components you're looking for at this stage in your life and this stage in the market.Anything requiring appreciation is a non-starter. 

By following lease terms you reduce the risk of unknowingly violating city or county codes, extending favoritism to one tenant over another and you preserve the integrity of your investment.Third, no matter how well you screen your tenants or monitor your property, life happens.

If either of those things aren’t you, or your main goal isn’t appreciation/capital preservation I would look elsewhere.

You will not be able to rent the property out and keep the rents, nor will you be able to make preservation improvements and receive their value upon a redemption.Regarding lien holders, everyone except local government liens (grass cutting lien, sewer lien, etc.) must redeem from the tax sale investor BEFORE they can foreclose their lien.

If there are things that need to get done to preserve the property (board it up, etco..)

He will preserve his legacy and the Fed's charter.

The historic preservation project will result in a restaurant, 20,000 sf of commercial space, and 35 affordable apartments.