Stuck on how to acquire funding, for my next deal

[Pablo Espin]

Looking for guidance/suggestions. I am fairly new to REI. I have my Primary home VA loan ($410k). While coming back from my deployment I finally pulled the trigger and bought two rental properties.

1st deal was a conventional loan through Five Pillars Realty over in Fayetteville NC. It is a 3/2 turn key property cost me 120k. I currently have it rent it out for$1200 per month and my mortgage to include taxes and insurance is $710. Great deal I think. 

2nd deal is duplex :) It was another turn key property purchased through new western out of Raleigh. I bought it for 155k (I think I over bid a little bit on this one). Either way I utilized a hard money loan to acquire this property (Wild Cat Lending). They covered 80% of the cost. My game-plan was to hold for 3 to 6 months and then cash-out refi to a long term loan. I currently am doing that and thankfully my appraisal came in at 175k. I found a lender that will provide me 5% interest long term rate and will cover 80% of my ARV. I will be able to payback Wildcat lending and have about 5k for my next deal. I currently am renting each side of the duplex for $815 so $1630 in total (both section 8s). If all goes well my new payments with the new lender is about $1200. So I should make $300 passively after taking out expenses.

So with all this being said I am not too sure what I should do on my next deal. I was hoping to get into a fix and flip if possible, however I know hard money lender terms fluctuate from 8% to 12% for about 75 to 90% of the ARV. I also have to take into account closing/rehab cost. I was thinking that I can use a hard money lender and talk to some family about helping me with the closing cost. Not sure if anyone has done this before, if you have please let me know how it went. Also, when you approached your family/friends, is there a specific term sheet so they can see how much they would gain out of the deal and script you provided so they can see your timeline/vision? I know that my wife's uncle would help but I just want to make sure its worth it for him.

I still am active duty Air Force so I have my W2 coming in however, I would not like to use all of my funds for every deal. 

Thank you and would love any input! Even if you think my process of acquiring deals is ****** :/

Pablo