I look at land sale comps (which aren't always easy to find depending on the state/market/area) and we offer something based upon the the retail value that land like that sells for.  

Consult an attorney, as your mileage may vary.

They are impacted more from it since they depend on the market going up in order to refi. 

With that, we became the American Association of Private Lenders—and we began spreading the word.Finally, Some DefinitionsUnderpinning the concept of minimizing the use of “hard money” in our industry is a recurring theme of standardization—that the root of the issue is too many interpretations of what the same terms mean.We offer up the following definitions for discussion, debate, fine-tuning, and eventual consensus [last updated 5/9/2022]:Private lender: Any non-depository individual or entity that primarily originates business-purpose loans secured by hard assets, generally real estate.Hard money lender: A subset of private lender where creditworthiness is determined solely by the securing real estate collateral.Correspondent lender: A subset of private lender where the closed loan is sold to investors.Portfolio lender: A subset of private lender where the closed loan remains in the lender’s portfolio.Fund manager: A subset of private lender where, depending on the fund structure, the deployed capital is sourced by offering exempted securities to accredited and occasionally non-accredited private investors.Private investor: An individual or entity that seeks a return by deploying capital through a private lender or fund; the investor may or may not be named on the loan’s promissory note.Private money broker: Any individual or entity that acts as an intermediary between a borrower and a private lender without directly originating the loan.

@Erin SpradlinThis is very market dependent.

.)- Workers Compensation (even if you are not employing anyone)There are other coverage to consider depending on your operations.   

Since the program started in 2017, you can’t have held them for 10 years yet, so you can’t sell the properties without a capital gain, although depending on when you bought them, I believe you might get a 10 or 15% stepped -up basis even if you do not hold ten years.

Your strategy will depend on your goal. 

If they didn't, then you may be responsible but again depends on the state  

I guess depending on the price as well, if its a $500k deal and it makes $30k which is split.