And, while you are at it, get to know several private money lenders and learn what they can offer you and how the hard-money lending works. 

I used a mix of hard money and private money to fund the deal and the rehab. 

Did you finance with private loans or hard money?

Purchase price: $50,000 Cash invested: $7,000 Sale price: $85,000 Duplex, direct mail marketing (post card), Off Market private seller.

Selling it privately means they are saving a lot of realtor's fees at that price point, so that is likely where your savings will be. 

My suggestion is to you use a private lender or non-bank commercial lender, they will have more flexibility than traditional or conventional sources. 

In some states, this can be tricky, as they do not allow what is called a 'dry closing' -- where you essentially use the end-buyers funds to fund both closings - but in states where that is legal, or frowned-upon, you'll need to find a private/hard-money lender who is willing to offer 'transactional funding' (usually for  fee). 

When working with private money lenders, what is the best agreement in your opinion with regards to ROI for them? 

Cash flow stays strong when I don't use it, and when I do use it, it's cheaper than using private or hard money.

I know I'm going to use a private lender to finance the purchase and rehab work, but now I'm getting hung up on my exit strategy.