As your equity grows, you start losing money. 

Takes time and money, but the savings are exponential.

I have found that the perfect time to look for money is when you don't need it! 

It definitely causes time and effort, at the end money to do any maintenance and repairs.Why am I still considering?

You now have money to fix n flip your own house.

I am a strong advocate for their effectiveness allowing you to do substantially more with your money. 

Have you thought about telling him to consider getting a temp service job to raise the money.

By private money, Im assuming you mean local people lending out their IRA funds and personal funds.

They want someone who has the money or can make sure they can get it. 

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.