Hard money is expensive.Some questions to ask yourself to assess risk:Do you have access to a reliable contractor who can complete the work on time and stick within a budget?

That is for true commercial properties and LENDERS do not look at value that way.

I am exploring this area and have heard some noise regarding the further limitations on beach access points along the coast, creating some havoc for str owners.

And the first thing that came up when Googling the subject was Dodd and Frank, which requires RMLO if you originate more than 3 loans per year to a real estate buyer who will be residing in the property (Dodd Frank does not apply to commercial transactions, rental properties/duplexes and etc. among others).I know successful people who did this for a decade or decades.

I just did a commercial TI on Wolfe rd a month agoI've got a house by Tahoe....pioneer trail when one could we rode our bikes to Stevens Creek to swim :)  we lived behing all american market Blaney and Bolinger ..

With online access to almost every jurisdictions property recordings, lenders today use software that automatically searches property transfers for transfers involving their loans.  

I'm not a lawyer, but I've consumed about 1000 hours about Wholesaling both commercial & residential, and none of what they do requires a license.

How is access in the winter?

If you don't flip, these guys are usually in the appropriate isles at Home Depot with the carts of supplies or just hang around the commercial check out.

I would talk to a number of residential, private, and commercial lenders.