Had your friend bought his property using a land trust he couldn’t even get a lien put on the property but most folks don’t setup their entity correctly 

So that might be another benefit of using a hard money lender.

I do recommend using a local lender, it will make the transaction much, much easier. 

I have 6 houses in Fredericksburg, TX that we built from the ground up using a construction loan, that just recently rolled over into a 25 year at 4.5% principal and interest until the maturity date of April, 2027 where it will be a balloon payment.Due to the rising interest rates, I wanted to see when is the soonest I could re-fi out of the current loan with a cash option to lock in a 25-30 year rate and pull out some cash that was used for the build.

How much does using a title company cost when Buying or Selling Real Estate?

You should definitely be able to refi it based on the appraisers long term rental estimate or using a DSCR lender (some accept LTR rent projection, and some even do STR rental projections).

I just flipped 3 properties today to a all cash investor using a land trust.

I currently evaluate properties using a 40% estimate for expenses (50% rule - 10% for self-administered property maintenance).

And the name on the bank statement should match the name on the offer.If using a private lender, provide their bank statement and a pre-approval letter along with your offer.

I attempt to get the borrower back on track using a variety of work-outs that benefit both the borrower and me.I use FCI to service the loans once they become performing.