Renting and hard money lending involve different skillsets and risks, so being prepared is key.

We are adding a STR to our portfolio in Arlington, TX in the entertainment district that is walking distance to Jerryworld and Globe Life Field & think we want to be available on several booking channels and would like dynamic pricing and a calendar sync feature  I saw a sales demo for Hostfully which ostensibly gets the property listed on multiple  channels and keeps the calendar straight to avoid double booking. 

I've had several installed in Durham for $100-$200 over the past five years. 

Al,For a Flip, the usual coverage is a Builders Risk policy to cover the existing property and the additions/renovations. 

I usually get 10-12% interest as a private lender.3) Low risk.

I have several clients still actively purchasing properties in the area.

Its a matter of what is your strategy and goal.If you really think that house free and clear will cash flow enough in 12 years (after all the income and expenditure risks) to make you financially free --- well that's your plan.I think most of us are saying its just pretty gutsy at your age. 

I'm wondering if other investors ever waive this inspection and take the risk?

I knew an investor where his duplex tenant let pipes burst, and he did get a significant judgment for damages after several months but never got paid because tenant just left the state.

Depending on your risk tolerance, explore and consider the following strategies to achieve cash flow: short-term rentals, medium-term renewals, or rent-by-the-room.