It seems like more than a fair deal, but he said it would depend on getting a down payment at less than 10% or he would have to wait until he has more capital to do a deal.I feel like all hard money lenders are trying to scam me somehow - especially the ones who are offering low down payments.

Scam Scam Scam.

@Christopher Giorgi if you dont personally know them, and they contact you out of no where on Facebook, it's a scam.

With the surge in hard money lender scams, it might make sense to reach out to a hard money lender ahead of time so you can vet them and make sure you have all of the needed information to close the deal up front. 

Apparently their scam works like this...the investor has the work done.

@Jordan Magrini, seems like a scam for 100% at 4%, but what is the loan amount? 

I've never heard of Rent Guarantee insurance either, seems like a scam to be honest..when someone has excellent credit, I ask for a downpayment and first month's rent..when it's a little on the skeptical side, I ask for first and last, and security deposit.

I felt compelled to right about the loan application process so you can understand it and avoid getting scammed.

can you share any details of how the scam was set up .. so others can look out for it. 

Stay away, complete scam.