No appraisalI realize I don't get to choose the terms when using a white label service but I'd like to get close until I have my own funding. 

You've also got 30k of equity in the property that you created, which you're choosing to leave tied up in exchange for that $100/mo.

With a thriving tourism scene and steady year-round visitors, it’s perfect for short-term and long-term rentals as long as you are choosing an unsaturated asset class.

No matter where you choose to invest, please keep in mind the following (copy & paste):--------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

I'm getting to a point where I might want to pursue a lender for future investments but am trying to understand how these lenders choose people to work with.These types of lenders are called "Hard Money" because they are not betting on the borrower. 

Hi Ryan, like @Nathan Gesner mentioned, it's important to be selective when choosing people to partner with. 

There's no right or wrong way to do this, just varying levels of risk and reward and YOU need to understand what they are for whatever strategy you choose. 

I'd suggest choosing an area that looks like it has potential and then spend your spare time just driving around.

Many challenges can be avoided if you work with someone that can give you professional guidance in the market you choose.

Just choose somewhere in the mid west were 200k buys you a very nice livable home.