Getting Into REI and BRRR Finance Questions

[Justin McGonigal]

In the process of closing our first rental property via conventional financing. After this purchase, we will be low on reserves but want to continue adding to the portfolio. With this in mind, I have been drawn to the BRRRR strategy.

I understand the basics I believe. Find a property that would fit the 70% numbers, get private money to buy and rehab, rent it, and get it refinanced.

Any tips when getting private money lending? I'm now getting bombarded with ads for private lending etc. I'm totally unfamiliar in this space. Any terms or things to be wary of or to avoid? What makes a private lender good or bad? 

My fear outside of getting a bad private money deal, is getting stuck in the refinance. Any tips on avoiding this? Do you set up the refinance prior to the purchase? Are you using conventional loans to refinance (RocketMortgage, LenderFi, etc)?

A foreclosure just hit the market which I would love to jump on but have no clue how to go about it without $$. Asking is $102k and the comps are $125-130 with only about 5k in repairs. 

Any tips or insights would be greatly appreciated.