Private Lending Terms

[Kelley Lefmann]

If one goes with a private lender (good relationship) vs. bank or prof. hard money lender, but seeks 100% financing for the first deal - is it better to go with a debt or equity partnership?  

Would love any input from those who have successfully begun their real estate investment careers using private capital. I know that private lending offers endless flexibility - just looking for some typical scenarios, to set our expectations.

Other questions:

1. Are private, interest-only loans generally due in <5 years? 

2. What, on average, is the % interest a debt partner would expect - and how can one compare to a conventional loan interest rate, if the length of a private loan is much shorter? (Residential as well as commercial.) 

3. For equity partners, do they typically take a cut of rental cash flow AND gains at time of sale? 

4. How is a deal structured if one is seeking 100% private lending for a foreclosure cash purchase? (Assuming minor cosmetic repairs, buy & hold rental, and refi in 3-5 years?)

5. What else should I be asking??

Thank you!