Hard money might get you part of money you need to initially acquire property.

(A recorded trustee’s deed or similaralternative confirming amount paid by grantee to trustee may be substituted for a HUD-1) Preliminary title search or report must confirm there are no existing liens on thesubject property Sources of funds for purchase transaction are documented If the source of funds used to acquire the property was an unsecured loan or a loansecured by an asset other than the subject property, the HUD-1for the refi transactionmust reflect all cash-out proceeds be used to pay down, if applicable, the loan used topurchase the property.

What I am wondering is, how difficult is it to find someone who has the cash to acquire and fund real estate projects including rehab cost?

The tenant ledger I acquired from the property mgt company shows a tenant has been 5 days late every due date and I haven't received payment yet for this month.

Obviously a bad idea, but statistically some people will get away with it, then come on the forums and say exactly what you mention, perpetuating the cycle.However as you start acquiring more properties, which I'm assuming is most people's goal on here - to have a substantial amount of passive income - the more individual properties you have, the more chance of at least one big ticket item each year.

So I acquired a new building a few months ago and one of the units is occupied by three roommates (two of them are sisters and one is their friend).Their existing lease runs through October, but the friend is looking to move in with her boyfriend by July 1 and has already identified someone to sublet the apartment.

I would proactively tell them that you just started your prop mgmt company but you do have experience doing XYZ that directly relates to the size and type of property they are looking to acquire. 

Hello - I just acquired an abandoned property (absentee owner), the current plan is to flip it.

This is why a real wholesale deal is best acquired first unless you know your buyer and have control of both ends.Concerning confirmed probate sales, courts generally require exact buyer vesting so that Order conforms to same.

Instead of buying rental properties on the MLS (which require mortgages and a high downpayment), perhaps I may suggest that you look into the "subject-to financing" niche, and acquire properties with built in financing.