Would raising just the 20% from private lenders and then getting a loan based on the down payment not be looked at favorably.

I was just at a conference where several hard and private money lenders fund these deals for investors and developers. 

I have never been asked for this is 40 plus years of doing private loans..

Possibly take out an equity loan or get a private lender - but if you go that route you probably would need to sell to pay them back (or refinance the loan).l.

You have a private investor friend or a bank loan which can help if it gets tight?

If you don't have a track record and are looking for capital from private investors, you might want to consider partnering with a more experienced operator for your first few deals.

But, with a negative cash flow and student loans around 7%, the math isn't working.We are considering selling the property (probably a private sale, so no real estate commissions) and paying off the student loans.

Also, I have done a couple of non recourse loans with Private Lenders on a shorter term basis.

Can somebody advice where / if I can find real estate wholesellers and private money / Hard money lenders in Puerto Rico?

Would definitely want a strong private agreement but all parties could remain on title with allocations.