Most hard money financing is for investment properties, so you'd want to make sure your friend's hard money lender can do this for a primary if that's the case.You can do delayed financing right after purchasing with cash or a bridge financing, which would allow you to get a 30 year financing right after closing

-The need to keep my eyes on the right numbers and metrics to ensure I'm making the best decisions.

I am wondering if there is strategy to make sure you can get tenant ASAP right after closing your Rental Property.

Cash flow per unit, how much is left on mortgage per unit, etc.

So go and look for 2/1’s that are cheaper than the $145,000 one we already figured out won’t work well right now.  

Right but legally how do I get them out?

It is the best way to break into REI IMO.VA financing is about as good as it gets in the financing world right now; generally better terms and rates and you can take advantage of 0% down.

You may also check out Chris Piper's thread (I posted a link to it in my thread (https://www.biggerpockets.com/forums/93/topics/1197244-how-to-do-wholesaling-right-in-maryland-east-coast-and-nationwide) .

In this case, it shouldn't be income but rather a return of basis, right?

Good chances are that if a property is publicly listed, the seller is in the mindset to sell at the right number.