-- Well, that would imply that we should avoid renting jeeps anywhere near rugged terrain.Please let me know what I am missing -- where does the greater risk of liability arise? 

No, I doubt any state law requires such a notification and they can't imply information that impeads your ability to rent else where or slander.

Investing implies you have money to invest hence you need to work on building up the income side of your financials.

What does "conservative underwriting" from the fund's sponsor imply?

Agreed, but it changes the implied cap rate in the asking price.

Seriously, appreciate your post.From the last paragraph on Steve's post, what does traditional sale imply to ( not REO or not cash buyer)????

@Sean Lesser your title implies you are looking at second home vs investment loans. 

Implying a cash out refi may be best if your strategy is another longer term hold.

"Private Money" and "Hard Money" are nebulous terms at best, but I have come to think that "Private" implies some form of prior relationship between lender & borrower whereas "Hard Money" means the loan is made, not against the borrower's credit, but against the "hard" asset.Even though I am essentially a HM lender, I term myself as a private lender because: 1) not everyone is even familiar with the term "hard money", and 2) the loans I make are with either my own private funds or pooled with those of a small group of close friends.

You me room supplementing your W2 which implies you care more about cash flow than long term wealth.