I originally posted that I wanted to do some house hacking.

Some HML may be ok with desktop appraisal/BPO compared to a traditional lender.If you are doing renovation then the draw process i find private lenders to have more flexibility in regards to draws and number of draws. a HML is more convenient but you will pay for convenience. 

Here is what I learned:A great deal spread will trump any expensive lending termsYou need to be liquid, a lot more than you thinkGetting the exit you want will depend on the finishes in the house because all those ARVs you looked up had very nice finishes I'm sure. 

I did learn, however, and I flipped a house successfully. 

I’m a small landlord with only 2 houses.

I house hacked a property that has 9.4 acres, and has a duplex and single family home on the property.

The house has an ADU, we would live in it, and rent out the main house (3 bed/2 bath). 

Always funny hearing statements about the "bubble" popping and house markets crashing, etc.

Other funds are still spending significantly more on repairs/infill/renovation/etc. and are therefore distributing a lot less if you are a class B (pref + equity upside) LP.

Before any major renovations, conduct a home inspection and termite inspection if needed.