The concept of an unlimited ROI was intriguing (using a hard money loan to pay and fix a buy-and-hold property and refinance after completion with essentially no money down).My questions are:1-"What happens when loans dry up such as during a recession?"

For one, he's not qualified - I'm sure you've learned it's not as easy as it sounds, and two, thats for either a GC or a project manager to do when you are too busy, but remember NOBODY will care about your money as much as you do. 

They don't care if it's cash or not.

With the sponsor you need to be careful how the operating agreement is set up.

This isn't that tall of an order if you're only looking at the most recent 6 - 24 months of market activity.

@Vincent Ngo - You do not have to be a first-time homebuyer to take advantage of an FHA loan.

Let me give you a few danger signs to watch out for when shopping for an attorney:If they don't have a paralegal and or Assistant and handle everything themselves (incl. pick up the phone), stay away.If they don't get back to you the same business day, be careful.

You correctly identified the roof as something to look at carefully.

It sounds like the house is in a decent part of town people may not even care (I wouldn't) if someone died in the house.

Will I not be approved for a Refi of an investment (if I want to buy and hold) until seven years after that foreclosure was recorded?