I have been doing plenty of research in short-term and mid-term rentals, but I am a little nervous with what I am seeing with a friend's situation.  

I showed them the whole business model and spreadsheet...We ordered the Feasibility study and appraisalThen they gave me a Term Letter that states everything even construction cost analysis by their 3rd partyThats where we are atwe have a GAP of $2.7MWe came up with the strategy last night.. that at the very least we need $1.5M cash to pay a balloon payment by June 27 or it forecloses... the lord will not let that happen.So I have the green light from the Lord to talk to all the interested investors as He is opening up the doors of Favor

Prepayment penalties- usually 1-5 year terms.

Tenant will continue to pay for utilities and any difference (or loss in rental) if home is leased for lower monthly rent than current lease term. 

Does anyone recommend books, courses, or anything to help me learn the general terms and what it takes to become a private lender/broker?

Prepayment penalties- usually 1-5 year terms.

If you have private money available, you should explore those as preferable options due to terms and upfront coasts as compared to HML options. 

Call your insurance agent and hold them accountable to what the policy actual says (terms, conditions etc).  

However, my focus is on long-term rentals, creative real estate (like buying sub2 and with owner finance) and buying mortgage notes.  

Also love @Patrick Allen's reply mentioning.(1) HELOCs on primaries are easier to obtain(2) High rates may make cash flow difficult unless there is a clear & compelling refi strategyItems I'll add from my seat.(1) Although rare we(Lower.com) offer HELOCs on investment properties, but the terms will always be better on primaries.(2) If you're moving into the next home, needing to only put ~5% down doesn't leave you very exposed to the higher rates of a HELOC.