Previouly it has carpet installed, which is dirty and old, that is why I changed it to Vynl floor.

Most realtors can not get much loan due to nature of his un-predicable income as 1099 and have terrible credit score issues.

I have one myself that I funded after selling my SF home and once I set up my policy, I took a low, simple interest (5.5% for me) loan that I then used to purchase a 4 unit MF; now I'm using it to fund the renovations.

I am having trouble figuring out whether to go with a hard money lender, or a conventional loan for my first rental property.

Based on your financial situation and goals, here are some personalized tips to kickstart your journey: Start by leveraging your finances with options like conventional loans, FHA loans, or commercial loans.

If the chair breaks you must allow the tenant to install a new one at their expense. 

Assemble a team of individuals who can split following responsibilities: contribute the earnest deposit money, guarantee the loan, find the deal/conduct the diligence, raise the capital and manage the building.

At $200+ a sqft plus a year of construction loans, I'm uncertain building in Phoenix area is a project I want to take on. 

Are you assuming any loans; or are you letting them continue to pay any loans they have on it and you just pay them?

We would like to own the property in an LLC so that the 4 kids can have 25% ownership each, and so 2 kids that have funds can loan $ to the LLC to facilitate the rebuild.