Private lending (Hard Money Lending)

[Thomas Sutton]

I was wondering if someone with better knowledge can give me a new point of view on what I think my first investment property/purchase. I am a college student thats working a full time job but I would love to move to real estate investing. I live a block away from the beach in an apartment I would like to purchase from my landlord, I do not qualify for a standard bank mortgage, so I thought it would be smart to find a private lender (hard money) and purchase my apartment. I would then as soon as I could go to a bank as they would see this as an actual asset and then allow me to get a mortgage paying off the private lender. I would then live in the apartment for a year or so with a roommate paying most of the mortgage. After living there for a year either sell the place for a profit or use the equity in this house as a downpayment for another investment property in Florida. I would love for some advice and another point of view as this would be my first purchase and would love to learn more from other great minds.