It has a perfect setup similar to a duplex, but we couldn't afford a duplex yet.

Luckily I can help you with many scenarios based on your goals with this home. 

But high level yes, that is how hard money mortgage loans are going to work - if theres a default --> the path proceeds toward a foreclosure since these loans are at their base secured by the real estate

And @Zachary Deal also gave you perfect advice.

The contract had that Assign clause (they stated that allowed them to list the property on the MLS).The only clause they have in there to keep extending is based on open of escrow- which never happened.

My property management thinks he is qualified based on just 4 pay stubs, employment verification and one screen shot of bank statement (just total. )when I ask my property management to ask that guys to show actual bank statements ( not screenshot of avail balance) and w2.my pm said, “it’s easy to find fraud using screen shot. the more I wait the more I loose.

Most insurance is based on replacement cost which is the estimated cost to rebuild the property in the event of a claim.The easiest way to get your questions answered is to talk to a knowledgeable agent!

Amount of repair expenses/updates are determined based on property condition.

Hi there,I am Abhi and I am based out of the San Francisco Bay Area.I am new to the community and I am looking forward to connecting with and learning from folks in this community. 

When my clients refinance out of hard money loans with less than 6 months seasoning, but that done rehab, I always go with an option that has a 3 month seasoning period so that we can use the after repair value to base the refi one.