Develop a comprehensive business plan outlining your strategy, target market, and expected returns to present an attractive proposal.5.

I have been lending for 45 years and will not ask for a deposit until after proposed borrower has signed the term sheet and knows all the terms and conditions.  

Sometimes its worth a higher cost, especially if you know the lender will close on their proposed terms.

if you buy something in a random out of state market where you don't have a team or a network, and use 100% borrowed funds, which is what it sounds like you are proposing, you will lose money.those funds seem like they're free, but they're not. 

As others have pointed out the PM submitted a proposal and you had the option to accept or decline.

I will learn more about reverse mortgages and propose to them.

A lot of DSCR lenders are technically POF lenders as they only qualify on 4 things: 1) valid driver's license 2) FICO score 3) rent is more than the PITI of the proposed property and 4) proof of funds for the down payment and closing costs and reserves.

We will choose our general contractor based upon reputation, references from my own commercial construction contacts (I have held a LA State - Building Construction license since 2001), their solvency, then finally their proposed bid.

We have a full scope of work proposal with budget numbers put together & the team is ready to start. 

I have several property proposals already, ready to present, my team and I will hand all aspects of the investment. we handle the acquisition, the renovation, and management.