Under that, it gets very tough.If you plan on retaining/keeping any of the properties you pick up (whether using hard money or otherwise), I strongly recommend you start working with a lender now to see what can be done about your credit.

Pick careful if you have college students when you move out. 

I want to be somewhat hands on so I would pick markets that are driveable for you and visit frequently. 

I see some lenders out there would just pick the "lowest" rate and the client ends up paying more than 1% of the loan amount at their closing costs. 

The members looking to lend just pick who, or a deal they want to lend to.

It all comes down to picking the right areas that work well with your personality and attract the type of clientele you feel comfortable working with. 

I see some lenders out there would just pick the "lowest" rate and the client ends up paying more than 1% of the loan amount at their closing costs.Key point is "Lowest" rate does not mean the cheapest rate  I have worked in traditional community banking for over 7 years.

I remember chatting with a good friend of mine, Jared, who once picked up a quirky three-story in Somerville to rent short-term.

From what I’ve heard, they’re fantastic for networking and picking up local insights.

If you pick a good lender, they will have done a lot of deals and be able to have a rough sense if your construction costs are on par for the project.