I try to alternate between the two, depending on what subject they are talking about.For example, I'm going to INREIA next week because they are discussing the tax sale strategy.- it's always good to see another Hoosier utilizing this great site!

There are some really decent areas in the city to invest at a low price point that does not land you in a terrible neighborhood, but terrible is subject to each person's own discretion.

There have been some good articles in the Latimes.com on just this subject recently.

If I'm looking at a buy & hold or "wholetail" type of deal, I can go with less equity, because I can use some creative financing options like Subject-2 or Land Contract. 

(I think if I post specifics, that would constitute an advertisement and thus be subject to different posting rules).

You may be subject to some sales pressure though!

In terms of references - any state or the particular state of the subject property you will find the rules around mortgage license which will include that state's version of SAFE Act.  

-credit check (you will be subject to regulatory rules ), but the point of hard money is that the asset being lended on is your primary security - you must be ready to foreclose   -paperwork for professional HML companies is more or less like a standard loan package with some different terms.  

If you want the property ask the borrower for a deed in lieu of foreclosure, then you will own it, the incentive for them to do that is that you can not seek any damages or amounts due from them, you accept the property, subject to any liens, as full  payment of the debt created. 

Age / condition of the subject property.