@Ben FrenchYou can find more expensive notes in major cities but two things typically occur with these types of assets.First is you will pay more the note and second is the borrower is significantly more sophisticated and will also employ a legal team and fight you tooth and nail to keep the property if it does have value.

Think it is too small to grab it and may turn into some type of functional obsolescence if you make it a bedroom then someone (or other people) will have to make it into something else.

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I see too many niche STR investors looking to build abnormal property types in rural markets and they have an impossible time refinancing out of the deal. 

Lots to factor in with these type of loans, but they often happen when the borrower needs to recoup the down payment with a hard money loan.

The challenge lies in managing renovations and the surprise costs that can come with them over time.New construction, on the other hand, tends to be simpler with less immediate maintenance and potentially better loan rates, but you may have to accept a slightly lower cash flow due to higher purchase prices.In the Atlanta area, there are several hotspots for new builds with great long-term investment potential, as well as older homes you will need to pinpoint which type to best advise here.Hope that helps streamline your decision-making!

For things like card swipes at home improvement stores, I can have them document a PO (Purchase Order) to identify which project this purchase is for.

It costs money to build a flex product, few hundred k, won't be a "no money down" or "syndicate from your friends" type of financing.Many of my clients are buying and constructing buildings as graduates of the program.

What asset types did the syndication invest in?

What I was referring to were things like copies of operating agreements, verification of identity, copies of other documents we've already presented to our escrow company that establish how to take title, and so on.