Right now the idea doesn't pass the most basic underwriting. 

I’m considering to become a Hard Money Lender and I would like to hear some experienced Hard Money Lenders, see if they could share some tips.I have some ideas but I would love to hear from you:1- how much do you borrow?

I really had no idea people would even do this, so im not sure what to do.

  :) :)"Price to be determined by an appraisal paid for by the Optionor", OMG I love this idea!

Why don’t you give us a little back story on this, I assume you didn’t just wake up one day and decide this.Letting it go to foreclosure would be a Terrible idea.  

Well I have no idea where you are or what you've done or who you've talked to, so forgive me if I assume all you've done so far is seek out sellers.Consider: getting an agent.

This will give you a better idea and then just focus on one area of RE. 

I purchased a starter type home a few months back and finally got rid of the terrible renters that I had to evict.  I have pretty solid contractors for most other things but I can't seen to nail down a deal  on cabine...

I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

@Dom Chit, you have some good ideas to decrease OpEx, but sometimes it's easier to focus on the top line.