It looks like a second chance option to those with a proven track record of having zero money management skills.

A track record is important for life partners as well as business partners. 

Track everything you provide and review it regularly.  

So maybe I am on right track to start it out with flips, and further expand as you are suggesting.  

What do you recommend in keep track of multiple notes (contract for deed).

Once you have a solid track record they will start throwing money at you.

That was a great question @John Burtle, I'm getting ready to do the Hard Money for a project, I could go the conventional way but I wanted to do HM to start a track record with these lenders so at a future time they will know me...

Think it's best off for the sponsor to be establishing a solid proof of concept by having an established track record.

@Sherry Justice These are all great questions and depends on the market.

If its an occupied foreclosure where the bank "knows nothing" and there are "no interior inspections - do not disturb tenants", at least visually inspect the exterior for signs of deferred maintenance and look for signs of occupancy like an empty mailbox @7pm, lights on, car tracks in snow, prior to making your offer.