Hello, I am in the process of securing my first hard money loan. The deal involves buying an existing single-family house for $700k that conveys with a vacant lot. The vacant lot, if buildable, is worth about $150k. ...

See if you can screen tenants more comprehensively and then offer them a long-term lease right off the bat.P.S.

If it hasn't been too long maybe it's worth try selling again.In terms of cash out refinance, most investors would do a 70-75% cash out refinance given it debt covers.

I am not a PM or attorney, however I have seen other owners just do individual leases for each tenant specifying the room and terms. 

Efficient negotiations secured the property for $158,000 on favorable terms.

Through efficient negotiations, we secured the property for $196,000 on favorable terms.

The whole idea is to use that money short-term.

If you have just one long-term tenant in your house hack duplex, and you're taking a $30,000 guru course on making money from assisted living or storage facilities or on running a syndication - it is probably not deductible under Section 162. 

You ask them what their terms are beforehand also and get it in writing.

@Gaya Ben Simon, a quick gauge I use for contractors is their payment terms.