Overall, there are a lot of nuances and a few questions we would have to confirm to be sure we were setting you up with the best program for you.

Thanks Stevo, I appreciate the reply and you could do it that way however, it doesnt really solve the problem of a potential runaway water bill from say a toilet left running while the tenant is on vacation somewhere or some other problem where water is left on or leaking.

Just my 2 centsTo answer the question if it’s a tear down you need to understand the comps In That area and the cost to remove the existing and rebuild - where many go wrong with rebuilds is they assume best case construction and holding times and time is money especially if using a construction loan.

Question coming from someone who spends more time with data as an investor: is looking at listings from a propwire, propstream, etc. sufficient for your investment strategies.

Sorry for not answering your question.

Your value is 395k and your loan at 90% to that value is $355,500 - what your current balance remaining is of 325k = $30,500 that is how much your line of equity might be minus closing cost. let me know if you still have questions. 

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?

You can't count on believing that the family member will not produce a handwritten lease (real or not), or other paperwork & tactics, to throw a big old wrench in your initial/expected timeline.You CAN expect that if they see you as the big old rich/developer/bad guy enemy, they will do as much damage as they can, and drag their feet as long as possible.See if you can feel out what the relative actually wants/ needs, connect/come prepared with info on resources for local "housing help" options, etc (perhaps), and figure out what you can do to solve the problem (cash for keys with an incentive for quicker move out timeframe?

It looks live ARV will be around 275k-300k.My question is, when starting out is hard money the way to go? 

My questions are:How do we legally set our agreement and protect our business?