As long as you are always realistic about the collateral value and the borrowers ability to execute the business plan, you can't go wrong. 

Based on your advice, I’ll focus on character development to the best of my abilities.

One of the benefits here is that you can save a bit on closing costs but the PPP (pre-payment penalty) structure may be more aggressive, ultimately inhibiting your ability to sell off if needed - since the loan would need to sustain a minimum debt service.

I don't think I have the ability to refund any position of the deposit electronically. 

Are you talking about the ability to get a Refi or Heloc?  

Beyond just the borrower characteristics, you might want to remember the broader 5 'C's' of Credit: Character, Capacity, Collateral, Capital, and Conditions.As a smaller lender myself, I focus on the Borrower first and their ability to get a project across the line with as little headaches (to me) as possible. 

They all push ‘flipping” houses, and the ability to do so with “no cash or credit”.  

Quickly got badge and remarkably arrived only 10 minutes late to an almost empty room.  

If you want to enter into a partnership where you bring the equity, focus on finding a partner who has demonstrated the ability to add value not as easily obtained through fee oriented services. 

There's a price/rent lag because leases are typically for a year so there's the delayed effect of old leases playing out before upward pressure on rents does it's thing.With that said, there's also your ability to refinance out of that rate and improve the rentability of it that way.