Does this work for Hard money or Privet money lenders?

[Luis Montanez]

In my current situation (low on cash) I am looking for ways to do more buy and holds. Has any one successfully structure a deal similar to what I am about to describe?

I put 70% (thru conventional financing 30 years @ 6%) and the hard money lender puts the 30% plus the renovation cost. pay back terms would be 1% of the amount of the loan and then monthly payments until pay off (12 to 24 months) at 9% to 12% APR. to give the lender more peace of mind I would propose putting there name or entity on the title of the property until paid in full.

As an example, I buy a house for $70k + renovation cost of $15k. I would put $49k and lender would put $36k ($21k + $15k). once rented at around $1,000 per month the NOI would be around $500 per moth which would be used to pay the lender off. has any one done something similar?