While I was saving for the second property, it was brought to my attention the idea of "hard money lending." 

I did quite a lot myself, and brought it to a higher end level of finish I believe.

She brought us a deal of a vacant building, signed a contract to finish rehab within 6 months for X$.

My opinion is that if the GC who is also the Managing Partner brought the information up at the beginning of the project and there are meeting notes, or paperwork to support it, then why are the partners surprised or upset later in the deal? 

Make sure that you buy where water has already been brought in and assessments are paid. 

My realtor brought it to me after I started my search How did you finance this deal?

One of the better points brought up.

So Rule 1 is to make sure the walk in from the street and your foyer area are as nice as you can make them, and from there the first part of the tour is to a good living room/kitchen or good bedrooms, nicest bathrooms, and ONLY THEN should you take your prospects to the parts that don't show as well -- the low-ceiling basement, the narrow stairs in the back, the second bedroom and ugly tub, etc.Since I work where I live, conversely, when I go to look at any property a real estate agent has brought me to, the first place I invariably decide to go to is the basement to look at the mechanicals and the foundation walls. for evidence of flooding.

Set them, but still be nice and  professional. that brought back memories I bought timber track in the mid 90s from this elderly gentlemen who had about 200 SFR's in Portland. which is a lot for this area.. as SFR are not common as rentals.. 

I have a multi family and basically brought it, semi repaired it (was in good condition already for the most part), rented it but did not refinance as I used an FHA loan on it.