Labor, materials, insurance, interest, local property taxes - yes.

Furthermore, on the cost and labor side, there has been no/limited easing.Personally, I do not think that the luxury traveler is in the market for April and May.

Twelve month interest only commercial loan at a local bank.

However, if you have a couple other investments I would form an LLC and use a DSCR loan product or something similar to close the loan in the LLC.

are you looking for them to bring funds or just labor ? 

(Since they will actually be in a worse position then than not selling.) they should ask for 30% or more down, which will give them 20%. 10% of that might be required to sell again. 2) if you can earn 5% or more guaranteed in the bank, what would you require from a stranger where it will cost you 10% to take back the loan and resell to get your money back?

You can take out a loan for the remainder. 

Financed $120k (80% LTV) at 8.5%, 30 year with no secured loan (not a heloc).  

But @Katie Smith has a great point because after the Miami apartments fell in on themselves, lenders are much tougher on condos and a lot more makes them unwarrantable which will negate an FHA and require a DSCR loan.

I'm just curious whether hard money loans are ever collateralized by anything other than the real estate being purchased.