A fool and his money are soon parted. 

These should be reflected in the purchase price or negotiated as part of the terms, such as the seller carrying some of the renovation burden.Use seller financing to your advantage by proposing a price closer to $225,000-$250,000 with terms such as 20% down, a low interest rate (4-5%), or interest-only payments for 3-5 years, with a balloon payment once renovations are complete and cash flow stabilizes.If the seller is firm on price, consider negotiating higher down payment terms to reduce the financed amount, paired with interest-only terms or a price reduction tied to renovation milestones.Key questions to address include the condition of the septic system, which can be a significant expense if it fails.

To start you need money, Your money or someone elses.

And these would generally be 12% so you blend the 8% bank money and the 12% private money to get your rate.. 

However, our current hard money lender only funds one loan at a time, limiting our ability to take on multiple deals simultaneously.

That money could be helping hold your mortgage balance down and save you money on interest.

Remember, you make your money when you buy. 

I know they raised a lot of money though

Just know that you won't make any money on the land for a very long time in most cases.

hard money lender?