The most important factors a hard money lender will look at, if you don't have experience, is your liquidity and credit score & history (as well as your background -- no liens, judgements, foreclosures, bankruptcies, etc).I would hit up @Michael Cid -- he's a tremendous resource and is a direct lender. 

Not to say this is bad, but depending on where a company is in their lifecycle, there are groups that can raise $10+mm and have never gone full cycle in a deal, thereby making it challenging to have $1mm of liquid capital available.Timing of closing: again, many larger check investors have multiple sign-offs.  

Examples of liquid assets that can be used for a contingency fund include:Cash in a bank or savings accountStock or bond investmentsCash value of an insurance depositMoney in a 401K, IRA, or other retirement savings accountCertificates of depositLet’s say your monthly payment for a mortgage is $1,500.

HI Ryan,Personally I recommend just sticking with hard money,It gives you flexibility on the acquisition price, liquidity and a line of credit to fund your rehab.

.- I don't care if the investment is less liquid vs. an ETF or REIT and I would aim to hold it for 5+ years at the bare minimum.Some other questions I had and would appreciate any advice:- Is an average minimum of 12-15% irr reasonable for syndicated deals ($10mm - $100mm) with an experienced sponsor?

While this is a lot of money, most any mid-career professional likely has that available to invest (maybe not liquid today, but in general).  

If you need the cash liquid, that changes the decision 

Also, even on a fixed 30Y with no extra payments, you’re still paying down SOME principal (maybe like 5k in Y1 in this scenario).Although it’s nice to have the liquidity of 1L the heloc, I believe 2nd liens are still pretty cheap and fast to close.

It's all fun and games until there's a liquidity crisis.

For BRRRR investors, seasoning requirements can significantly impact your ability to quickly recycle your capital.While most lenders require you to hold the loan for at least 6 months (aka "seasoning"),Fabulous 5BUY - short-term bridge financing to help you with investment property acquisition.REHAB - With up to 100% rehab financing, you can stay liquid through renovations.RENT - Tenant in place or future tenant.