The key distinction is the bank, since it makes it's own guidelines can waiver from those with more autonomy.  

It is a fine distinction, but it depends on the type of closing you have.Final Word of Advice...No matter what, keep in mind that your Broker is the one who has to ultimately keep the lights on.. pay the Errors and Omissions Insurance, the staff, the Internet,  and other things to keep a brokerage open and functional. 

But hard money lenders, particularly those that lend on real property such as real estate, are distinctly different from pay day lenders.

They're a lot more common for larger dealsFun fact: some lenders with nice terms require a distinct LLC be formed for the project

I distinctly remember there were things they did with the hot water heaters, and they were advocating replacing the rubber hoses on appliances that use water (such as dishwasher, washing machine, etc) with some kind of metal hoses that are virtually indestructible.There was a goldmine of information about good preventative maintenance steps for rental houses...

What they fail to realize is that most millennials like me make no such distinction.

@Yousef RedaIf this is a real quadriplex (4 distinct units, not just 4 separate rooms in a house), then the minimum downpayment possible is 10% and this would be a high-ratio, insured, mortgage for an owner occupied property (meaning you would need to reside in one of the units).  

If it's truly 3 distinct SFRs and you want to use Fannie/Freddie financing, it'll be 3 contracts, 3 escrows, 3 mortgages for $40k each, 3 sets of closing costs, etc.That being said, with loan amounts this small, I'm guessing that commercial or hard money financing might just be better if you can find someone to blanket loan on all three at once just for the sake of 1 set of closing costs.Using fannie/freddie financing on loan amounts that small, the closing costs start to become a ridiculous % of the loan amount.

I think you re asking the right questions, looking at the BP marketplace is a good way to begin your research and drilling down a solution that aligns with your goals.Turnkey comes in different flavors, ultimatley it is suppose to be a simple entry in RE without having to construct your own infrastructure, for good passive investment cash-flow.Main takeaways: Turnkey comes in different flavors: Simple Passive Income - the Turnkey home is direct purchase from the supplier, it is operational and managed by themStreamline construction and uniformity materials for maximum economies of scaleResearch the area, visit the space possibly, meet the teamI hope this helps you a little bit more as you try to define the type of culture you seek to align yourself with.

While the same lending alternatives are available since the economic recovery gained traction in 2012 – Fannie Mae, Freddie Mac, conduit lenders, banks and thrifts, and life insurance companies – each lender offers distinct advantages/disadvantages as it relates to loan structures, interest rates, closing costs, servicing, and their responses to the whims of the market.