We need to make a decision on this one soon, then if need be get back out and see some more properties.I will follow up once we get off our asses and decide what to do here, and will be sure to include $ amounts for each phase as well.So far, this experience has certainly proven what I've read to be 100% true - the learning/planning is the easy part, gritting your teeth and taking the initial plunge is much more difficult.

in some states its required that they be NMLS registered and state licensed. there are 12 states that require this on any loan for any purpose on a 1 to 4 unit. 5 and more no license required.Private money Is when your having your teeth cleaned and you mention to your dentist you have this great RE deal.. and he mentions he has 300k sitting in his Solo 401k or Sidra making 1% and would be happy to partner or lend to you..

The portfolio lenders that I work with are sensitive to the property location.  

Please PM me if you feel sensitive posting information here. 

With such a low value asset this is not a great deal to cut your teeth on.

Good think with this target market is not a lot of people are doing what I am doing so i have some flexibility and this is a great market to "cut my teeth".

I would cut your teeth on a Duplex, Triplex or Quad first, get experience managing and landlording, then venture into a small commercial investment.  

My partner, who is female was going to be meeting the person(s) alone, and for her safety we requested a snapshot of an ID with sensitive information redacted to protect their privacy.  

We are a HML as well and while I agree with the above, that the specific property itself will be underwritten and is collateral based, there are some time sensitive advantages to establishing a relationship prior to locating a property.

All that stated, however, if as @Ofelia Flores has suggested, she is a good tenant who pays her rent on time and takes care of the property why kick a gift horse in the teeth.