You may get forced on your choice of paint colors and trim work (more expensive if a lot of gingerbread).3) Some times they may require you allow public access once a year or so.4) You probably won't be able to ever raze the property no matter how much it costs to maintain or is rotting out. 

The next time I read the book, I will use a different colored highlighter to see what I missed the first time. 

Can you give any more color to your experience with this type of loan?

Dark, exhausted. 

Get the property under contract, find out the price then color in the details.

Did you know that in the dark ages, we used to dial numbers on rotary telephones to make a call?

There are MANY ways to skin a cat.

Hi John,You might be able to find an individual private lender where you can work something like this, but with regards to hard money lenders, banks, or similar financing options, what you are discussing is very atypical.Lenders generally like to see that you have at least some skin in the game.Even if a lender says that they lend up to "70% ARV", this typically comes with a maximum LTC, or loan-to-cost stipulation.Best,Michael

I've had skin in the game since day one with thousands of dollars "stuck" in my properties.

(though arguments could be had about how passive real estate direct ownership is, but that's for a different day) . . . passive income is not a compelling "why", not compelling enough for the dark days.