Fortunately, I just call the bank and tell the address of the property I am under contract on, and when I want to close. 

Local banks and smaller credit unions are most aggressive in this space.

Traditional bank loans can be slow and have strict requirements, while hard money and private lending seem to offer more flexibility.For those who’ve secured funding before, what’s been your experience?

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?

When you draw from the equity, you are "borrowing" it from the bank and have to pay interest.If you borrow against the equity at 7% interest and then loan it out at 15% interest, you are earning a positive 8%. 

if you can't do that, you're just paying interest and the bank is getting rich, not you.

I think it's a long shot. you can garnish monies from a  bank account

Quote from @Danielle DeCormis: Working on a deal where the home has been foreclosed on by the bank but they indicate they have no knowledge of the solar panels or whether there is a lien. 

That's an easy one, I just ask if there bank is giving them 1% or 2% for interest.