As this will be my first loan, I'm looking to work with an established hard money company who can do the underwriting, servicing, etc.

Personally I would sell and take your losses and look to invest elsewhere.

After that just take action, too many people get stuck in the "research phase".

If that doesn't work, you can ask the court to establish a payment plan or garnish their wages. 

I know that much of it is based on personal risk tolerance but any advice would be greatly appreciated. 

So now it hits a rich and famous person.

I personally reserve 15% of my rent per month for maintenance, capex, and vacancy.

Salt Lake (also Zions) Navy Federal 80% LTV LONG draw period of 20 years, and 20 year repaymentNevada State Bank, in first positionNorway Savings Bank, MaineOmaha MortgageOne Nevada Credit UnionOregonians CU - ORPenFed - StoppedPeoples Bank of NCPioneer Bank, MNPNC Bank on primary and secondary (2nd homes) must be in personal name and 50% DTI is required.PSECU up to 80% Quorum Federal Credit Union 80% LTV, owned by LLC is OK.

The drop leaf table folds up for a third person or move it out for a 4th.

I've also filed my personal 2023 tax returns and have those available with the STR income included.