It is a numbers game, the more people you talk to, the better chance you have of finding a win-win situation.

Because of your personal situation you described, it sounds like this is something possible for you to accomplish.

If you do this for the rentals in the area where you're going to buy, you'll have a really good idea of the real rental situation.

You learn how to live on dollar amounts smaller than you could imagine so that when opportunities arise that need cash - you can afford to invest.Similar situation occurred in my life.

Bush has not objected when the big firms and rich executives of Wall Street have been on the receiving end of federal assistance, but now he is threatening to block a measure to aid hard-hit neighborhoods filled with ordinary Americans.I think its an ugly situation that these two entities have been structured so any rewards go to the shareholders and especially executives and risks get moved to the taxpayers.

Should I tell the hard money lender what the situation is and maybe at closing I can put the property under my name (not sure if this is allowed).

The real answer would come from contractors actually looking at the situation.

And this is all a matter of preference and your financial situation.

Tell them the situation and make a proposal.The hand's on real life education would be worth more than you can imagine.

Seems like a win win situation to me.