Completion of repairs can't be more than 2 months ago and if there is no tenants the TK provider pays the rent until they find the first tenant.All this helps to make the majority of decisions in the purchasing phase and then just enjoy the ride. 

“The Market can stay irrational longer than you can stay solvent.”Sounds like to me everyone knows the market is acting irrational, but no one wants to get off the ride too soon.

It was insightful to see how when everything seemed to fall apart for someone one week, how everything came back together the next week (or sometimes the next month).By being with a group, it made it seem like devastations weren’t that devastating as long as you could just ride it out.

Each month I have to burn use or lose, which usually means a long weekend motorcycle ride something pointless. 

With the 90min train ride into manhattan, the brewery’s and restaurants that are coming up there is a ton of potential here, but just needs more traffic.

With the roller-coaster in rents from the STR game (for example, my Oceanside place did $20k in July and $1400 in February) I would just want to make sure that you structure a monthly debt bill that is robust enough to ride that wave confidently!

Do you have the Cash to ride this out and take any future Covid hits?

I'll add some nuance at specific points to the process you described above...2) Follow through with hard money lender to pay cash for property and renovations with agreed terms3)Purchase property4)RenovateIn general, a HML will provide some portion of the purchase price and then 100% of the renovation cost on a reimbursement basis.For example, a HML may provide "80% of the purchase price and 100% of renovation cost".What this essentially means is that they provide 80% of the purchase and then you outlay the initial renovation cost (typically done in a draw fashion). 

@JD Martin They have certainly earned the right to ride off into the sunset at anytime haha.

We have a variety of job industries in the area (hospital, NASA, lots of government jobs), short metro ride to downtown Washington DC, lots of parks and convenient shopping, otherwise, our area is a pretty typical suburb neighborhood.