Creative Financing Solution for a Novice Investor?

[San Nguyen]

Hello, everyone, I need your help in analyzing my situation.  I want to start buying deals, but I am a bit nervous to make a decision on choosing which financing route is the best for me as a novice investor, with a limited network.  The deal below is what I am seeing recently, and my personal criteria are also below.  If you can, I would appreciate your input on which financing option I should go with as far as private, hard money, or wait and save, etc.

The Deal:

Single family home

- Listing Price: $102,000.00 
- Fannie Mae property
- 1500 sq ft 
- 3/2 
- built in 1988
- needs about 10k-15k in renovation
- ARV = 150,000
- average rental in that area = 1200

My personal criteria:

- My credit is good (760-820)
- I have bad debt-income ratio (I was not approved for a conventional loan earlier this year.)
- I have 5000 personal cash saving
- 50k salary

A few specific questions:

-  If I go with hard money lending program for instance that charges 7-13% interest, 3-year term- zero down - with early payoff penalty.  Does that mean the full amount is amortized over only 3 years at 3600 a month?  or is there a different payment plan that is more feasible monthly, but charges points at closing, etc.? 

-  Is it a good idea to bring in a private investor or partner that is not experienced in real estate? 

Thanks ahead for taking your time reading this.  Feel free to ask me for more information that I might have missed.