Hi
@Justin S., Most hard money lenders will be looking for a 10-15% yield on their funds. This will be an interest only loan with a balloon at the end of 1 or 2 years. If you can find a local lender, it will reduce your upfront costs associated with getting the loan. If the lender knows the area well, he may not require a full appraisal.
I suggest talking to your local banker about what requirements they need to refi you out of the hard money loan once you own the property. Always give yourself extra time as traditional banks tend to take longer than they quote you.
If you find a good lender, the hard money lender option is usually cheaper than taking on a partner. The good thing about a partner is that they can add value with the experience and resources they bring to the table. I would suggest you have a tight partnership agreement in place including a buy out clause that defines what happens if one partner wants out before you sell the property.
I would be happy to help you look over the hard money contract and give you my opinion before you sign and send in a deposit.
