. $100K of that $200K is returning the original $100K investment.

Origination fee 1% or $700.

If you are looking for true private money (no broker fee or points) most will not lend at a high leverage. 60-65 LTV max Now if you have experience, plenty of reserves, and the deal can be 100% financed based on the ARV, then you can present it to a hard money lender and they may feel comfortable doing it. 

Between then and 2020, a few more popped up with copycat courses of the original 2 programs.

I just found out from the year end financial transactions , my tenant has been frequently late with rent payments, but some how pays the whole rent with late fee in fragments by the end of each month.

Late payment fee is negligible. 

I've updated my original post to include the specific areas I am searching in as well.

Here is the situationCottage - seller asking $300KSold in 2021 for $225K, seller put about $15K into itBuilt in 1940s, very few updatesNeeds new roof, old 2-wire electrical, original walls, and has an $8K assessment by the association about to come due.700 Sq FtPart of an association owning shared private beach access@ $300K it is $426/sq ftComps (all sold in last 6 months)Cottage sold (to this seller) 5 months ago for $425K @ 872 sq ft = $487/sq ft"Direct" lakefront property part of same associationBuilt in 1940s, some updates3 other comps I've seen that are larger that have similar associations w/ shared private beaches that are "near" lakefront on the same lake.1.

Just for some background I had originally thought I would start with house hacking a long time ago but with life throwing a series of curveballs I am finding myself taking a brand new look on life and trying to decide which way I want to go at this point.

P.S. my analysis was based on what I believe to be the actual property, which I was able to find, based on the little info in your original post.