Get a pre-approval from the conventional lender so at least you know you'll be able to refinance and have an understanding of the terms.

Can I get a loan from a hard money lender with a pre-qualify letter from the bank so I can pay cash for the property then take a mortgage and pay the money back to the hard money lender?

You must have a pre-existing relationship with the investors and you have to be very careful in your communications to gather additional investors.With a Reg D 506(c) offering you can only have accredited investors but you can advertise.Those are the most common SEC exemptions.

Then just make sure there isn't a pre-payment penalty. 

Enough that you could put it on a 0% APR credit card to float it until the closing? 

Then we started digging deeper into data from PriceLabs and spotted that occupancy in Jan-Apr 2021 vs Jan-Apr 2022 went from an average of 54% to 43% and median ADR from $162 to $156 for 4-bed.

@Aaron BrownTypically, the HML will have a pre-approval letter that you can submit with offers.

Personally, I would not knock down a pre-existing structure just to replace it with another. 

@Jesse Dahms if you're not accredited, you'll have to at least be a 'sophisticated investor' and have a pre-existing relationship with the syndicators who are doing a 506(b) exempt offering, before investing.

Looks like they used average hourly earnings of all employees from the FRED ($31.84 per hour or $66k in Apr-22 times 2 people).