So, I'd like any advice I can get about approaching a hard money lenders for financing.

Not saying not to do it but it’s walking a fine line.In several states including Maryland it’s considered predatory approaching borrowers who are in pre foreclosure / behind on payments and the fines are HUGE.I always go by the “how would this look on the front page of the New York Times” with business.

With the way you are approaching people, I might question doing business with you....

Likely it was what was needed to stay within budget balancing projection constraints, no economic rationale or magic just a make it fit approach.

There are various approaches I can take:1.

And if so, what is the recommended approach when looking for a partner to cover rehab costs while I would cover the rest including the mortgage, property management, and rehab work?

It’s a different approach but it still allows you to buy a SFH while getting rental income.

I have been in a pickle over the last few months on how I want to approach my next rental project.

I'm just trying to determine if a) we want to purchase this property at all - and - b) if we want to approach this specific tenant directly versus listing it for rent publicly.

If you go into sfh and mfr you’ll most likely need to take a more hands on approach.