Out of curiosity, why not just doing a conventional purchase for at least part of the purchase price?

Hope it helps.FUTURE RENT OWED (August 1, 2021 through September 30, 2021)• For rent accruing on August 1, 2021, or thereafter, it is the expectation that tenants will payrent in full, negotiate a lesser amount or a payment plan with the tenant’s landlord, oractively seek rental assistance if assistance is needed.

Just out of curiosity why would you go with a hard money lender and not a private lender? 

The rental income would go back to the IRA (you would not receive it, but it would be there for you to distribute to yourself later in life after tax benefits have accrued). 

You'll likely laugh at the situation 5 years from now.Out of curiosity, what is the square footage of the apartment?

There is currently a moratorium for federal student loans - they are not accruing interest and no payments are due.

Then ask what it's worth for them.There's no time for them to accrue any meaningful amount in that time span if charging purely interest. 

@Bruce WoodruffJust out of curiosity… why didn’t you rent it out and wait until it appreciated instead of selling at a loss? 

So you either won't have access to your accrued equity, or it'll be quite expensive to get access.Best of luck!

Out of curiosity, what do you think of me not telling the other tenant(s) that I own the house, that I am a tenant that keeps up the place and collects the rent?