I've purchased two properties personally utilizing seller financing and represented at least a handful of buyers acquire properties with private mortgages over the past five years including friends and family members.

Sometimes you go days or weeks without seeing them and you spend countless hours calling, texting and tracking them dowsn to get the job done.

Being that I own it outright, and only need $125k (budgeting for unknowns), not many hard money lenders have been overly interested.

@Erin SpradlinNot exactly the same, but your question reminds me of the debate in the STR world about spending time on a direct booking site. 

The home would generate over 2.5k fully rented out and fixed up really conservatively.

Should I feel bad if the lender spends the money on the title search and I don't use them?

I have been in Real Estate for over 3 years now, and even though I find myself to be experienced and know the difference between a real buyer and a fake one, I still get it wrong from time to time.

But folks tend to spend more as time goes on then you have inflation and your rent income does not grow as fast. 

You should have 100K or more in equity to protect before it makes sense to spend that money - compare that with how much you spend in annual insurance for the same property/equity.3.

Call all the auction companies in your area and get on their mailing listing (make a personal contract with auctioneer associates - let them know that you are a buyer)  they will email you a list of up-coming foreclosure auctions.Your benefit by getting to the owner early, is that you may be able to 1.take over the mortgage by making up the back payments 2. get a deed signed, 3. take over the existing mortgage 4. advise the owner how to delay or stop the mortgage foreclosure 5.