I'm still in the "information gathering" phase of the deal, but I've spent the last few days educating myself on hard money loans, the costs associated with them, and the problems that people experience in getting the deal done.

Education does not count.

BP offers the opportunity for the consumer to educate themselves (if they choose) rather than just buying the hype. 

Account Closed I would start at an office that offers education, learn the systems and processes first. 

You can work with the seller to carry a note for your which you can pay back over a period of time.

@Hattie York  it is the same way out here, you need to make educated guesses by looking at a sample of some of these properties. 

In both cases, you will also have tax on unrecaptured depreciation for the amount of depreciation taken (or allowed, if that's greater.)If you bought a property intending to fix it and resell it the holding period is irrelevant. 

Otherwise, I'd be required to do periodic testing and use lead-certified contractors.  

I bought the first property 10 months ago, and thanks to the education I've received on BiggerPockets I was able to use some of the equity on the first deal to buy the second.The first deal was a grand slam.

I am currently in the process of educating myself about the REI game while i finish up my business degree.