I've had plenty of surface level conversations with potential investors but none have committed to investing to a deal when one presents itself.

But it takes a high level of commitment to pull the trigger on a less than perfect deal.

A GC may have 2.5 full time people involved in managing the project - just so you understand the proper time commitment you would have to put in to achieve their same results, and save you money

You may start interviewing agents but don't commit to one without the pre-approval in place.

Secured or non-secured, I would prefer to always use secured so that way the Private lender has backing by the real estate, next level of commitment to the Private lender is to personally guarantee the funds.

Problem 2, cost: This is a small project, designed to give new investors a chance to test the waters in a safe, low-commitment environment.

Just make sure you understand what's in the contract, as that is what you have committed to.

@Stacy KellyOur commercial lender did not do a pre approval, but they were able to provide a conditional commitment which is basically a letter that confirms the banker has spoken to you and knows how much money you need.

Bad deal for him...you are committing to 5 years of bigger expenses if you are locked into the loan.

Most of the physicians I talk with don't have the time to manage BRRRR projects, there may be other strategies that fit better with your time commitments.