Private Money Lending? What's the norm?

[Jared Fracker]

Hi there I am getting ready to do a deal  in Northern Kentucky/ Cincinnati OH, and I have finally figured out how to get pre-approved conventionally, I am moving out of my primary residence (and turning it into a short term rental) and going to move into this new property for some time to take advantage of a 5% down payment and better Interest rate. 

However I was originally going to get the cash to close (about 30k-50k depending on the offer) by opening up a HELOC and utilizing that. well unfortunately that will crush my DTI and disqualify me conventionally. (I do not have the capital to go the DSCR route.) So I was looking into private money lenders for the c2c so I could get the deal done. I can then turn around and open a HELOC on property 1 after closing on property 2. I would use the HELOC to payoff the PML or keep it until it gets paid off with STR income depending on the rates.

Thoughts? how is private money usually structured and where would I go to find it? Or is there another way to get all this done? Thanks in advance for all the help. Feel free to message me or reply!