Looking forward to making connections. 

My strategy is that, best case scenario, I will take over his hard money loan or come in with a private money loan to pay off his hard money loan and to rate and term the hard money -- private loan. 

Takeaways and next actions for me became very clear in that I need to get back to my basics, posting here, and making offers. 

Also, make sure the management entity’s taxation as a C corporation aligns with your long-term goals.Has anyone here gone through a similar process and have any attorney referrals or tips to share?

Can be profitable ,BUT, my experience as a hard money lender is that there are many companies operstimg in this field that aren’t very stable financially.  

It’s also helpful to find an area with good property management options so you’re not tied down to the daily grind of managing bookings and guests.When you’re looking at potential properties, make sure to really crunch the numbers.

I currently have a hard money loan on the property and am shopping lenders to cash out refi.

Avoid purchasing in Rent Pressure Zones if possible in order to make things easier with the permitting. 

Another thing we did several years ago was we took loans we bought at a substantial discount, I hypothecated about 70 of these loans and it was basically the BRRR strategy as we got our money back out of the deal, and the investor got 5 years of cash flow and I kept the back 10 years.

As Nathan suggested, make sure they aren't standing by a neighbour's open window.