@Rochelle GerberWhat you're experiencing is pretty standard with hard money lenders asking for 20% down, especially in today’s market where lenders are cautious. 

I would be very cautious about putting one with a HOA because of the restrictions 

Savan cool well it is good to start and when it is the first deal it is wiser to be cautious and not over extend one self on the payment and rehab costs.

I’d also advise being cautious with turnkey listings that look overly perfect—they often come with a higher price tag and might not deliver the promised returns.Also, I’d encourage you to really assess property management options.

. -- Proceed CAUTIOUSLY as many will recommend using the HELOC for down payment on new primary home.

The notice of defaults is definitely something to consider and you point out one of my worries is having the buyer be good with the terms initially but later on fall through.Thanks for sharing your experience and I will be very cautious of these offers.

But when starting out that is when you are most at risk with all your eggs in one basket if this one deal turn out bad for you it could have you several thousand dollars in the whole.But how I see things is from a more cautious point of view and not everyone will be that careful.

We were like you cautious.  

I'm more cautious now in tenant screening. 

It's important to be cautious and do thorough research before committing to any program.