Also, how do I enforce the bill if they don’t want to pay?

You also don't want to get into the game of discounting rent. 

You'll find that quite a few engineers turn to real estate as it's just a numbers game and we're all good at math.

I started investing in real estate about 18 months ago but I have acquired 7 single family homes that I manage myself so just Get In The Game and GO FOR IT!

bottom line is they talk a great game give you terms that you think you found a fold mine..etc.. nothing more than a sophisticated Nigerian  prince scam.

@Karan Malhotra I think @Jay Hinrichs and I are on different pages of the same book.I was probably getting too far in to the weeds to stick with the "general requirements" theme @Timothy Albright set up.I was simply putting the info out there that a hard money lender is going to require some "skin in the game".

If you are going to set rules, limits, etc, then you had better be prepared to enforce them.

seems like that is a bank refi situation not a raise private money so the owners have little to no skin in the game

BiggerPockets forums is a great start, listen to podcasts on away games and gym workouts, join a local REIA in your area, jump on some webinars.  

They have more skin in the game then you do.Make sure you get clear title.