I have the private money lined up for the 25% down payment.

Alternatively, I could explore hard money lenders.

If I could re-frame, and put myself in your shoes, I would look for a money partner to help secure rehab properties. 

I bought it last year and thus far have: 1) Appealed assessed value to bring down taxes, 2) Got better (less expensive) insurance, 2) Rehabbed 3/4 units, and 3) increased rents $300-$400 per unit along the way.

The more money you make, the more they make.

It links to our business bank account and our business credit card so come tax time, deductions should be easier.

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

You are losing money on both properties. 

What's even more frustrating than asking the IRS help desk, is asking a Turbo Tax "Tax Specialist".

That's one of the fastest ways to lose money.