It has no teeth unless secured by a recorded mortgage.

Also, taking a close at the financials and how they will cover DSCR, what's the refinance period (this is the risk that scares me the most), amount of leverage, how much skin in the game is being provided by the sponsor, a sensitivity analysis on the worst case scenario that you can live with....along with a stress test (i.e., how long can they stay solvent if things turn to crap and tenants stop paying rent). 

Rates are also market driven, because they are risk-sensitive.

I have some friends who are custom home builder GC's in Colorado who are working on a new construction home, and even at a 5m price point they said getting bids from subcontractors is like pulling teeth and taking months to come back. 

That could cost your client an earnest money deposit, as well as all tax advantages from doing the  time-sensitive 1031 exchange.

I've called close to a dozen contractors over the last 2 weeks and it's like pulling teeth to get them to come out and provide a bid.

You can't ask how many kids they have or are planning to have.You have to be careful or else you open yourself to a lawsuit that has teeth if you treat people differently.

So I am motivated to finally cut my teeth with a fix and flip.

Make sure they they have any sensitive or confidential information blacked out.

The Preforeclosure notices are done once a week due to the fact that only a hand full come out each day and the information isn't nearly a time sensitive as upset bids and the upcoming sales information.