Hard Money VS Private Lending, + Owner Financing

[Dan Barman]

Hi BP world! A bit of a newbie here trying to educate myself on financing options, mostly to be able to make cash offers on fixer-uppers to rent and refi (BRRRR). Have got a couple questions I'm hoping you can help me with.

1. What's the difference between HML and Private Loans? What do the different terms look like? Which is more desireable or what are the situations where you'd want to go with one over the other?

2. When getting the above type of financing, how far into the deal should you be before approaching a potential lender? Do you negotiate an accepted offer 1st or even get a property under contract before approaching a lender? Can/should you get a property under contract without showing proof of funds? If you get the property under contract and are unable to secure financing, what happens then (penalties)? *I'm currently looking at properties in NY State. 

3. What's the upside for the owner in owner financing? I.E., what are the bullet points to hit with an owner when trying to strike a deal for owner financing? 

Thank you all sooooo much!

-Dan