Is this legal with traditional loans?

If you think the $10M cap is reasonable, say that so Congress doesn’t presume you’re an ultra-rich person with a $10M plus IRA (like some in Congress presume anyone opposing this bill is).

You will typically pay a point higher interest rate, but they don't look at your income as much as a traditional loan and closing costs are similar

@Rich Littlefield thank you!

I am going to guess you are unable to get traditional financing, which is why you are going the hard money route. 

@Rich Littlefield yeah what Rich said 😀

You would have to come up with the funds to furnish, but you could probably get more than with a traditional rental. 

For my first investment property, since I do not have adequate funds for a down payment/do not qualify for a traditional loan due to insufficient credit history, I am seeking a partner to provide the down payment while I provide the deal. 

Liens, taxes, rough neighborhoods, illegal additions and anything that has scared away traditional buyers or has not allowed them to get bank financing will be your best bets.

@Rich Becker@Raymond Temprano