The cost of hard money also makes timing and accuracy of projections even more important.If it fits your situation, house hacking is the best way to dip your toes into rehab investing.

I would also love any advice people have from working with creative financing in similar situations. 

Get perm loan, cash flow.

I have a quick clarification question regarding hard money loans for fix and flips.

Financed $120k (80% LTV) at 8.5%, 30 year with no secured loan (not a heloc).  

You need counsel specific to your situation.  

(Since they will actually be in a worse position then than not selling.) they should ask for 30% or more down, which will give them 20%. 10% of that might be required to sell again. 2) if you can earn 5% or more guaranteed in the bank, what would you require from a stranger where it will cost you 10% to take back the loan and resell to get your money back?

I'm just curious whether hard money loans are ever collateralized by anything other than the real estate being purchased.

But @Katie Smith has a great point because after the Miami apartments fell in on themselves, lenders are much tougher on condos and a lot more makes them unwarrantable which will negate an FHA and require a DSCR loan.

But for illustration purposes since this is a fresh transactional matter on my plate: The reimbursable lender legal fees for an $8.5M loan transaction I was recently apart of (as a buyer, not fees I charged) were less than $15,000.00.