Apartment Private lending money Explained?

[Leah Bonner]

Being overwhelmed with all the info about investing in multifamily! 
The best advice i got is to find someone in my area (syndicator/investor) currently doing what im doing and sort of become a apprentice so i'm currently working on that.. I believe it will help me build credibility, knowledge and once I do begin to find deals I think it will help me have private lending options to help raise money

OK so getting to my main question it still confuses me HOW the private money lending works. Creating a hypothetical situation to get a better understanding

I find a deal that is 1 million dollars DO I 1) get private lenders to raise the down payment of around 300,000 to then get a bank loan.. OR DO I 2) get the private lenders to basically raise the whole 800k try to get the seller to offer financing as well.

So say in this scenario its an 8% cap rate, So my noi is around 80k.

If i go the route to get private lenders to raise money for the down payment that means out of that 80k I pay the bank loan so i probably net around $34,168  (that's just after the bank loan assuming its around 4% interest) so then out of that 34k I then take out ANOTHER percentage of that money to consistently give to my investors(lenders) or how does that work? I know there are many different options to offer like interest only, 50/50 the whole deal, preferred percentage etc etc.

I know this isn't a short and simple answer and there are different variations but for now im just trying to get a simple understanding