I'd be interested in a fee based vs. percentage....Mike

All said and done it cost me an additional $2300 in fees for the HML that went past its maturity date plus the appraisal, all this could have been avoided if they told me they had an issue with my credit score from the beginning. 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Most hard money works like this Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Keep in mind LLC fees ($200 in NC). 

Many first time investors get excited about acquiring their first rental and focus more on minimizing their fees/rate on the initial loan then really focusing on the exit loan.

I decided to try and go after people I thought were more desperate like going into foreclosure or tax sales, etc.

But my taxes, CDD, and HOA total are about $6000/year.

You would need to report all of the payments he makes to you as income, including the $20,000 option fee. 

That $40k to $50k in fees is the same if it's a $2m loan or a $20m loan, in this case $41k / $2.36m is the same as 1.7 points (but would be 0.2 points on a $20m loan, you can see why it's enticing for the bigger loans).