I expect those markets to experience rapid price drops as there simply is insufficient local demand to prop up prices and rising interest rates will scare of the investor class as cash flow opportunities will become non-existent.  

You don’t need an advisor here, especially as this marker rapidly becomes a buyer’s marker.

Even now that I can easily get conventional financing and go more traditional routes, hard money still solves many issues requiring a rapid close, properties with more problems, etc.

This is rapidly becoming my #1 ANNOUANCE myth in real estate, the myth that "oh-oh-ohhh tell someone your going to pay all cash and they will hit the floor, praise your existence, and let you buy it for tens of thousands less than everyone else" it's simply NOT true. 

You could also look for a partner to give equity to in exchange for their investment to rapidly complete the project to then convert it.

The world is rapidly changing.

Send me a DM I'll chat with you or scan over your 1040 and let you know what I think.

It's important to realize that property values are rapidly falling in many areas right now, so you need to make sure that you're getting a good price for the amount of risk that you're taking on.It's very important to understand the cause of the bad debt. 

Buy the house and payoff the existing loan.Most loans closed after 2005 are not assumable unless it's a VA and you are a veteran, so that plan above gets you no where.If the house has equity the lender will rapid track foreclose. 

Super close to century square which is rapidly developing, was developed by the same guy that developed the domain in Austin.