What's the best strategy for acquiring rentals with Private Money

[Adam Kripke]

Right now we are using private money to acquire a portfolio of rentals. We pay 8% to 12% interest on their money monthly. However, after a year we are in the same spot. No equity, ton's of debt to pay off, and less cash flow. What strategies would you recommend to maximize our equity building, cash flow, and also create an attractive investment for our private lenders?  

Ultimately we would try to refinance out of the properties with a local bank to get a lower interest rate, but I am open to any other suggestions!

Thank You, 

Adam