Understanding Private Money Loans

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Hey BP,

My wife and I are self-employed and have a nice savings but because of our taxes (we expense A LOT of things) we're having trouble with conventional loans so we started looking at Private Money Lenders. 

We're looking to buy our first investment property... a duplex, live in one unit, rehab the other then rent that one out while we rehab our unit. Does it make sense to use a Private Money Loan to purchase the property and then refi with a long term conventional loan after 1 year?

Thanks!

Martin