The tricky part is vetting the good from the bad and determining who is actually direct to the capital.For the state of California, it is easier to vet a "Broker" that is not direct to the capital vs. a "Hard Money Lending Company". 

I am nervous about this part.   I

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

I believe the hardest part is raising the capital and then having the guts to put is on the line and bet on yourself.If you have this in you then I feel that you can make this happen.Like @Evan Polaski said in his post, he has friends that have raised capital are learning through the process.  

Do your homework on all of the parties that have influence in an area.

They may also require all parties to sign an affidavit that there are no other contracts or agreements pertaining to the property.

When a mobile notary s ervice is used the TLT Settlement Officer will finalize the details of the closing, communicate with the parties to the transaction, coordinate the mobile notary who will act as a witness closer and notarize all documentation.

@Anthony Thomas - a little late to the party but I've been impressed by Jim Barringer's quality of work (Jim Barringer Roofing) and relative pricing.

These packages will help keep the economy going and tenants staying in their homes for the most part. I

If one party bails I guess it just one month that the other party needs to have all the rent as I’m keeping the lease month to month with this extra tenant in the property.