Hard Money/Private Money/Bank Refi used together?

[Risto M.]

After watching the webinar @Brandonturner did yesterday, I learned that you can buy a house using funds from a hard money lender, and then refinance with bank later. I've listened to the podcast with @Annbellamy and learned alot about hard money lending (when to use them, how to find them, ect..). I just need a few things clarified and I'll be able to write a full business plan and be on my way to real estate greatness.

I apologize if this turns out to be a long post.

First, I have NO money. When I started out learning about REI I decided I wanted to Buy and Hold. I figured I needed to start wholesaling to get the cash I need. Not to get to detailed in my story, I met a guy here on BP (you could say he's my mentor) who is teaching how to do Sub 2 deals. It's a way for me to invest with no money out of my pocket (Great!), but the Buy and Hold strategy is something my mind is set on doing. I'm determine to find a way to make it work (plus I like to have options).

So here are my questions...

To refi with a bank I'm going to have to show proof of funds right? I have a job and good credit, but I don't think that's going to be enough. So I had a idea. If I raised some private money, will I be able to use that to show proof of funds (even if I plan on using it later to purchase more houses)?

Also, I know there's a limit to how many bank loans I can have in my name. I do have a partner but after we reach out limit, what are some other ways to get long term loans (other then owner financing)?

Do hard money leaders refinance?

Once these questions are answered, I'll be able to write a business plan and hopefully raise some private funding (of course ill seek out a lawyer beforehand).

Thank You