Our rates are 7-12%, with no down payment required.

If there are no other red flags on the tenancy (i.e payment issues, lease defaults) I would still renew tenants (even if they are a little corky!) 

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

You end up having to sell to someone with higher down payments, better credit, better operating plan, and 100% investors who never want to pay top prices.  

If they don't NEED the money for a down payment elsewhere, the income could certainly fund their payment at a new home, rental or retirement home. 

If you are going to school, I'm not sure you'd be making enough money to qualify for a mortgage.Prices in London are nuts and the real estate system in Scotland is not in the buyer's favour as they do sealed bids.I got started in grad school, but had my parents co-sign a loan (for which I made all of the payments and I had the down payment). 

Let your criteria do the filtering for you.Regarding retention and renewals, the only time I have asked people to leave is when they have had rent payment issues and/or damaged the property. 

Generally speaking, with SFR or small multis, I just rely on the lease/rent roll (and some form of proof of payment; i.e. bank statements, deposit receipts, tax returns, etc.). 

Add-on:  I do like that I can automate my late fees, no partial payments, etc.

@Peter Mckernan Copy.... it's a "% based payment" off scope of work.