Helllo there and thank you for all that reply and give me advice very appreciated thanks Warren buffet said it is a good time to borrow money right now.

If your flip time frame is a 90 day rehab, 30 days on the market to get an offer and 60 days to close that’s 6 months of borrowing the money.  

@Shalom Benton - The lenders I work with deal with newer borrowers the same way. 

The program is designed to help qualified borrowers increase affordable rental supply in low- and middle-income earning areas.The loans are reserved for state and local government agencies, non-profits, federally-recognized tribes and for-profit organizations, including LLCs.

Helllo there and thank you for all that reply and give me advice very appreciated thanksWarren buffet said it is a good time to borrow money right now.

I don't know too many hard money lenders that are worth borrowing money from if you plan on using this as a long-term rental or refinancing the property once it's rehabbed?

In short, applying overlays means that lenders use tougher borrower qualification requirements than they are required to according to general mortgage industry guidelines.

Just make sure you follow Dodd frank for qualifying the borrowers.

If they want to keep it they file BK.When I started I loved when a borrower would call and say just take house back, now when it happens I know the house mine as well be knocked down.

It will also help you to know your borrower better and hopefully avoid any issues.