Financing 1st investment- Hard Money or Private?

[Masud Khan]

First time deal seeker here, looking for BRRRR options in the Washington DC area. For my first deal I'm looking for a single family home needing cosmetic rehab. Because home prices are high this area I won't be able to pay all cash right away. My goal is a purchase for $250k-$350k range (Including rehab costs) in up and coming neighborhoods in the eastern suburbs. My main question is around financing the purchase. I'd like to avoid conventional lending, put 25% down and go with either 1) private/family money or 2) Hard money. Seems like the faster way to close and to stay competitive on good deals.

Since I’m a rookie, would love to hear how you would structure a deal for a private/family member potentially putting up $260k in cash for my deal (75%).  How do you structure a deal to make it enticing for them? Do I approach them like a lender and agree to an interest rate to pay back, based on an amortization schedule?  Or do offer a cash % based on profit after refinancing?  

Alternatively, there is the hard money lender in the event my private money friends don't. Any recommendations you have on working with HML on a first deal would be great. For example how much of the purchase/construction price do they typically finance and what do typical repayment terms look like.

Thanks!