So you have to be either looking for high cash flow while higher babysitting temporary residents and higher turnover (because tenants just don't respect your property if they don't consider it their real "home") I'm attracted to the idea of getting something in need of repairs, fix it, rent it, and sit on it for a while, meanwhile churning all profits back into, then get payday when I sell it on the retail market (I'm also a Realtor).

@Adam Craig in my market local banks and credit unions are currently lending with attractive rates on that exact product.

Is it just a promissory note produced by an attorney with type of loan/interest rate? 

In fact, some people report that the $150/mo net positive door tends to have MORE flat overhead BS/time-sucking than the $1000/mo door just b/c of the folks attracted to the respective types of rentals in the respective types of neighborhoods/cities/etc, but not everyone agrees with that.Time to start swapping them out (1031) for higher per-unit cashflow properties. 

Hard money offers will almost always look more attractive in that they are same as cash financing and can close quick without required inspections and the like.

The need for housing will grow even further in the months ahead, especially in suburban areas that are attractive to those who can now work from home.

I fully vetted my contractor by checking reference yet he didn't produce.

My parents are very close to paying off there mortgage and I see this as an opportunity to produce cashflow.

How are you structuring the loan mod to where it makes it attractive for them.

Living at the property will allow you to learn the most, your acquisition costs will be more attractive, and by properly maintaining the home you'll in a small way be improving your community.