I have used hard money (2pts and 12% APR) only once to buy a lot, and that loan had to be attached to another SFR I owned.

Most faculty and students are part of the church and will not tear the place up.Also nearby are the San Bernardino Mountain communities--Crestline (local County lake for non-motorized boats, recreation and swimming, forest and hiking trails such as to heart rock) , Lake Arrowhead (private lake, allows boats, -make sure the lot has lake membership, some tv stars have vacation homes around here), Running Springs (closest to Snow Valley for skiing), Big Bear (Lake and close to skiing, but more expensive property). 

With a pre-foreclosure, the seller might be in a tough spot and holding out for a higher price, which could slow things down.

Are you allowed to state the APR% that you are offering? 

Have you had a title rep pull you a pre-lim report versus a quick title search?  

today, Rate for APR 5/1 is 6.75%

If In month 3-4 capital gets tight with some of the earlier flips taking a long time to sell etc, private fix and flip funds may be a good thing to have a pre approval for.Best of luck with your flips,Jason

This question is LITERaLLY skied monthly if not weekly. 

If a pre-probate with a Notice of Trustee Sale (last stage before foreclosure in CA) then I treat very differently than earlier stage. 

I have a group of 6 townhomes with a single commercial blanket 30-year fixed loan, no balloon payment, 4% APR.